Sapience is a product from InnovizeTech Software that helps companies improve time efficiency at work. It has today announced a fund raise of INR 45 crores. This series B round is led by Rehan Yar Khan's Orios Venture Partners wherein 30 crore comes from them and the remaining capital is being syndicated to small venture capitalists in the US (source). The funding will be used to drive its sales and marketing efforts primarily in the US. This round is expected to see the investors pick up 25-35% stake in the company, valuing the venture at INR 130-180 crore.
The company was founded back in 2008 (read about our interview we did with them) and has been growing since then. Sapience has analyzed more than 100 million work hours across diverse industries, including IT services, KPOs, engineering design and financial services, among others. "Our Sapience Work Yoga is helping customers realize over 20% gain in productivity and the ability to sustain optimal delivery through improved quality of effort, and happier employees," said Shirish Deodhar, co-founder & CEO of Sapience Analytics.
Employees in IT companies, KPOs, Eng services, Finance etc. spend 9-10 hours in the office, yet nobody knows how much of it is on actual work. Sapience analyses this, how?
Sapience resolves the challenge of measuring and optimizing employee time utilization and team effort in a highly automated manner. It has several unique capabilities, for which we have filed for a global patent, such as:
- Automatic capture of time at work
- Intelligent assignment of time to activity (nature of work) and purpose (end objectives)
- Smart enough to focus on actual work, ignoring details of any personal time
- Maps and aggregates individual time to organization structure, thereby providing effort analytics at all levels
- Available on our cloud server (SaaS) or as on-premise deployment
Sapience raised INR 4.5 crore in Series A funding from Seed Ventures in 2011, prior to which it had raised about INR 2.1 crores from the Indian Angel Network, a round in which Rehan Yar Khan had also participated. "Sapience has had remarkable traction over the past 12 months and sold more than 60,000 licences during this period. Their product is completely absent in the US and we want them to be there," said Rehan to ET.
This is the second investment from the new Orios fund. Prior to this, it invested INR 15 crores in Mumbi based online booking platform Ziffi.