InnovizeTech Software Raises Rs 4.5 Crores Series A Funding From Seed Enterprises
InnovizeTech Software, the company behind patent-pending cloud solution - Sapience which boosts Enterprise Productivity, announced today that it has closed a Series A investment of Rs. 4.5 crore from newly established Seed Enterprises. Previously they had received angel funding from Indian Angel Network in June 2010. The new round of funding is intended to further accelerate the growing customer base, add advanced features as desired by key customers, and undertake R&D for higher value addition for Sapience users.InnovizeTech has developed Sapience, a patent-pending and award-winning solution that powers a 15-20% increase in work output for companies, without requiring any change in existing process or additional management effort.
Shirish Deodhar, InnovizeTech Co-founder and CEO, said that, “Today is an exciting day for the company. The new investment and addition of experienced executives is a validation of the market potential and business strategy of our product, Sapience. The last few weeks have been remarkable for us. Two of India’s Top 10 IT companies have initiated trials of the product. We were selected by Red Herring as a 2011 Asia Top 100 technology company, followed by recognition as the #1 Pune Startup and Top 10 India Startup by ET Now at a recent industry event.”
Accompanying their investment of Rs. 4.5 crore, Mitesh Bohra has joined the Board of Directors, and Avinash Sethi is now part of the executive management team as Chief Marketing Officer. Mitesh and Avinash, along with Siddharth Sethi are Directors of Seed Enterprises, and are entrepreneurs having previously co-founded InfoBeans Systems.
Speaking of their investment, Mitesh noted that “Sapience is a great product, solving a real problem, in a vast market, with virtually no competition. The team is highly experienced and committed, adding up to a great package. Our investment will act as a catalyst to fuel the growth momentum of InnovizeTech.”
InnovizeTech’s previous investment was in June 2010 by Indian Angel Network (IAN). Veteran IT entrepreneur and Indian Angel Network member, Harish Mehta, who represents IAN on the InnovizeTech board said,“Leading technology companies have adopted Sapience, proving its unique intrinsic power to enhance people efficiency at work. Sapience’s impact on delivery capability, revenue and profitability is transformational. We are excited to have spotted and nurtured the product and team during its pre-revenue phase.”
Sapience’s key USP is that it delivers automated visibility into Enterprise Effort. It is cloud based, though an on-premise option is available for large enterprises. The client portfolio is expanding rapidly, and currently includes large and medium IT Services firms like Zensar, product ISVs (IDeaS, Bio-Analytical Technologies), KPOs (SG Analytics), and Engineering Services companies such as EnVenture and Excelize.