Prismforce, an India-based vertical software as a service (SaaS) firm, has announced recently that it raised fresh investments amounting to $13.6 million in series A of its funding round.
In a statement, the company said that it will utilize the funds to enhance its product suite, strengthen go-to-market capabilities and grow its talent base.
Series A was led by Sequoia Capital India and a select set of global angel investors.
About a year ago, Prismforce also raised $1.8 million in seed funding from select industry thought leaders, serial entrepreneurs and SaaS founders as angels.
In all, Prismforce now has a total of $15.4 million for use in its operations.
According to Abhishek Mohan, Principal at Sequoia Capital India, the technology services industry, with a cumulative market cap of over $4 trillion and a global workforce of over 20 million, is a core pillar of the global digital economy.
But, there was no large vertical software vendor serving its varied needs until Prismforce was born.
“Having served more than 30 top global IT providers and tech companies over 14 years while at McKinsey, my CoFounder Mohd Qasim and I saw the opportunity to address this complex problem, with a product first approach,” said Somnath Chatterjee, Founder and Chief Executive Officer of Prismforce.
Chatterjee said they built the first vertical SaaS product suite designed for tech services. Their product combines best practice processes and technology into one powerful, scalable solution that will help companies create a digital and agile talent supply chain.
They also make use of the latest AI technologies to build compelling use cases contextualized to the industry needs.
In addition, Chatterjee said, Prismforce has been able to build an exceptional team to execute its vision.
Chatterjee said their core team consist of people with experience in global tech and consulting companies like Amazon, Uber, Infosys, Phenom & McKinsey.
Their partnership with Sequoia Capital India will allow them to further accelerate product development and business growth to serve the tech sector globally.
Prismforce that is operational in the United States and India, with live deployments at some of the fastest growing digital specialists and top IT providers, is focused on enabling IT companies to build a digital first, agile talent supply chain.
Its software suite for skills management, talent marketplace and forecasting helps technology businesses efficiently plan, staff and deliver projects while providing compelling career progression for their employees. Doing this leads to sustainable, profitable growth for enterprises and better employee engagement.