Pigment Raises $250 Million in Series E at $2.3 Billion Valuation

Pigment announced a $250 million Series E on Wednesday, Oct. 21, giving the business-planning software company funding to expand its AI tools and engineering operations. The round values Pigment at $2.3 billion; the company did not specify whether that figure is pre- or post-money.

Scaleup Europe Fund, managed by EQT, led the financing. World Innovation Lab and existing investors Greenoaks, ICONIQ, IVP and Meritech also participated. NVIDIA's investment in Pigment remains planned, following an earlier announcement of planned investments in four French startups.

Pigment plans to use the proceeds for research and development and engineering expansion focused on its Graphite compute engine and AI agents. Its platform helps companies forecast performance, test scenarios and support decisions across finance, sales and workforce planning.

The company's Frames feature turns plain-language prompts into custom planning interfaces, including interactive scenario planners and executive slide decks. That work overlaps with planning and presentation workflows businesses handle in Microsoft Excel and PowerPoint.

Pigment disclosed that its annual recurring revenue topped $100 million earlier this year, doubling from a year earlier. The company raised $145 million in a Series D in April 2024, led by ICONIQ Growth; North America was its largest market at the time.

“Enterprise planning will change more in the next few years than it has in the last thirty,” Pigment co-founders Eléonore Crespo and Romain Niccoli said in a joint statement. The company plans to increase research and development spending and expand its engineering team, with work centered on Graphite and its AI agents.