Sequoia Capital India led Prismforce’s $13.6m Series A funding round
The technology services industry, with a cumulative market cap of over US$4 trillion and a global workforce of over 20 million, is a core pillar of the global digital economy, says Abhishek Mohan, Principal, Sequoia Capital India.
“Despite that, there is no large vertical software vendor serving its varied needs,” he added, as Sequoia Capital India led US$13.6 million Series A funding raised by Prismforce of San Francisco for enhancing product suite, strengthen go-to-market capabilities and grow its talent base in the US and India.
Prismforce Founder & CEO Somnath Chatterjee said, “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.
“At Prismforce, we chose to build the first vertical SaaS product suite designed for tech services,” he said.
“Our products combine best practice processes and technology into one powerful, scalable solution for helping companies create a digital and agile talent supply chain.
“We are using the latest AI technologies to build compelling use cases contextualised to the industry needs.
“We have been able to build an exceptional team to execute on our vision. Our core team has people with experience in global tech and consulting companies such as Amazon, Uber, Infosys, Phenom & McKinsey.
“We are seeing good traction with marquee global tech services clients, where we are delivering significant business impact on the back of our product deployments.
“By partnering with Sequoia Capital India, we will be able to accelerate our product development and business growth to serve the tech sector globally,” Chatterjee said on 29 Nov 2022.
Prismforce will be opening Pune office shortly in addition to its existing offices in Bengaluru, Kolkata and Mumbai.
Prismforce’s software suite for skill management, talent marketplace and forecasting help technology businesses efficiently plan, staff and deliver projects while providing compelling career progression for their employees. This leads to sustainable, profitable growth for enterprises and better employee engagement.
Select set of global angel investors also participated in the Series A funding.
Prior to this, a year ago, Prismforce had raised US$1.8 million in seed funding from select industry thought leaders, serial entrepreneurs and SaaS founders as angels. This brings the total funds raised to date to US$15.4 million. fiinews.com
