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SaaS firm Prismforce raises $13.6 mn in funding for business expansion

Prismforce, a vertical SaaS firm focused on enabling IT companies to build a digital first, agile talent supply chain, announced that it has raised Series A funding of $13.6 million led by Sequoia Capital India. Prismforce will be utilising the funds to enhance its product suite, strengthen go-to-market capabilities and grow its talent base. Prismforce is operational in USA and India with live deployments at some of the fastest growing digital specialists and top IT providers.

Globally, IT providers have faced challenges in attracting, engaging and retaining good tech talent. Complicating this further, is the exponential increase in the demand for a variety of skills due to digitization of enterprises. To manage this complexity well, IT providers must view this as a talent supply chain problem, with a digital first approach. Prismforce solves these challenges through its suite of purpose built software products.

Prismforce’s software suite for skill management, talent marketplace and forecasting helps 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.

This Series A funding round of $13.6 Mn was led by Sequoia Capital India along with a select set of global angel investors. Prior to this, a year ago, Prismforce had raised $1.8 Mn in seed funding from select industry thought leaders, serial entrepreneurs and SaaS founders as angels. This brings the total funds raised to date to $15.4 million.

Somnath Chatterjee, Founder & CEO, Prismforce, 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. 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.”

Abhishek Mohan, Principal, Sequoia Capital India, on the partnership: “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. Despite that, there is no large vertical software vendor serving its varied needs. Somnath and Qasim’s vision is to create the defining vertical software company for technology and professional services. Over the past year this vision has been validated by multiple industry-leading IT providers, which have deployed Prismforce products to great impact.”

CT Bureau

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