Indian Angel Network invests in Pune based InnovizeTech, a Software Products Company
Indian Angel Network announced an investment in InnovizeTech Software, a Pune based company that is an exciting new player in India's emerging software Product story. Their unique patent-pending product, Sapience, delivers a first of its kind Solution to Measure and Analyze Enterprise Effort and Time Productivity - effortlessly!
Sapience is of significant value to today's organizations whose staff depends on computers to deliver their services and products, and who are looking to maintain profitability in an environment of rapid cost escalations, especially in employee compensation. Sapience sits on each person's computer and non-intrusively measures work activity, while ignoring its usage for private purposes. It has built-in intelligence to distinguish between work and personal activity, through a combination of employee specified rules, pattern matching, and usage based learning. From the data gathered, rich reports are generated both for the employee and management, through which work efficiency can be enhanced.
By supporting on-premise installations, as well as 'in the cloud' hosting, Sapience is designed and priced right for organizations ranging from tens to several thousand employees. A pre-release version is already in trials at a dozen installations comprising large and medium IT services organizations, subsidiaries of US product firms, and Indian companies.
InnovizeTech has been founded by four entrepreneurs, with 100+ years of combined experience of technology and scaling software companies through rapid business growth. Commenting on the funding process, Shirish Deodhar, co-founder of InnovizeTech, said, "The entire journey of raising investment has been extremely professional and swift. Within 12 days of approaching IAN, we signed a term sheet. Right from day one, we have received valuable feedback, customer leads have already started coming in, and the IAN team has been very supportive right through. They are a clear force multiplier for us."
The Indian Angel Network is India's largest and the only national network of business angels, investing in startups and early stage ventures, creating new wealth and employment, and converting job seekers to job creators.Mr. Harish Mehta, member IAN and who has been invited on the InnovizeTech board said : "At IAN we look for unique propositions, strong teams and large market potential. Sapience creates a business around core Intellectual Property (IP). Supplementing India's dominant position in software services market, emerging product companies will further expand its footprint in the IT industry.
At IAN, we have also found Pune to be a very happening and vibrant location for product entrepreneurs! " Mr. Rehan yar Khan, member IAN added that, "In Sapience we have a unique and powerful product that caters to the vital organization need of people efficiency, by addressing the challenge of measuring and improving Time productivity right down to individual employee levels; and delivering these via powerful reports both to employees and management. We have invested $350K at a pre-revenue stage, because we are excited by the market for this product in India and the experience and execution of the team."