Pigment Raises $250M Series E at $2.3B Valuation

Pigment, the business planning software company founded in Paris, has raised $250 million in a Series E round that values it at $2.3 billion. The round was led by the Scaleup Europe Fund, the new fund managed by EQT, and includes what Pigment calls “a planned investment from NVIDIA”.

World Innovation Lab (WIL) also joined, alongside existing investors Greenoaks, ICONIQ, IVP and Meritech, the company said in its announcement on Wednesday. Pigment says the money will go mainly into research and a larger engineering team, as it pushes its AI agents from helping with planning towards running it.

TSN tracks major AI investments on its AI funding rounds hub.

The revenue figures are Pigment’s own

Pigment says it “surpassed $100 million in Annual Recurring Revenue (ARR) earlier this year, once again doubling year-over-year”. It also says that “85% of new metrics in Pigment are created by an Agent”, which it presents as a sign that customers are adopting its AI. Neither figure has been independently verified.

The company lists Danone, DirecTV, Siemens, Snowflake, ServiceNow and Unilever among its large customers, and names Anthropic, ElevenLabs and Uber as AI-heavy organisations that use it. It also says L’Oréal has chosen Pigment to replace its salary planning tool for more than 95,000 employees worldwide.

Pigment sells into a crowded market. Tech.eu reports that it competes with Microsoft Excel, SAP, IBM and Anaplan, and that the new round follows a $145m Series D in 2024 led by Iconiq.

Nvidia’s stake is planned, with no amount given

Pigment describes Nvidia’s part as planned and gives no amount. Tech.eu says the Nvidia investment “has previously been announced”. Either way, the size of Nvidia’s stake and the timing remain undisclosed.

The lead investor is more notable for European tech. The Scaleup Europe Fund is “Targeting €5 billion” and invests across deep tech, AI applications and life sciences, according to Pigment’s release. Tech.eu describes it as the EU’s new fund for scaling up future European tech giants, and says its other investments include Mistral and Iceye.

“Eléonore and Romain have built a global category leader from Paris, and that is exactly the kind of company the Scaleup Europe Fund was created to back,” said Shannee Braun, a managing director at EQT and the fund.

Graphite is where the money goes

Pigment says the funding will expand engineering work on Graphite, its patent-pending compute engine, and on the agents that run on it. It claims Graphite already lets thousands of agents and people work on the same governed model at once, scaling to hundreds of billions of data points with “deterministic, fully traceable results”.

The pitch is that planning agents can be trusted only if every number they produce can be traced. Pigment wants its agents to move beyond building models and analysing data to running planning workflows end to end. It also plans to expand into new regions.

“Enterprise planning will change more in the next few years than it has in the last thirty,” said co-founders Eléonore Crespo and Romain Niccoli. “With AI agents running planning workflows end to end and turning decisions into action, companies can respond to change as fast as it happens.”

For now, the clearest test of Pigment’s autonomous-planning pitch is L’Oréal: a salary planning system for 95,000 people is a large live deployment, and how it goes will say more than the ARR figure.