SaaS startup Prismforce raises $13.6M in Series A led by Sequoia Capital India
Prismforce said it will use the fresh funds to enhance its product suite, strengthen go-to-market capabilities and grow its talent base.
, a vertical SaaS (software-as-a-solution) firm that helps IT companies build an agile talent supply chain, on Wednesday said it has raised Series A funding of $13.6 million led by Sequoia Capital India and a select set of global angel investors.
Prismforce said it will use the funds to enhance its product suite, strengthen go-to-market capabilities and grow its talent base. Prismforce is operational in the US and India, according to a statement.
Prior to this, the startup raised $1.8 million in seed funding from select industry thought leaders, serial entrepreneurs, and SaaS founders as angels. The current round brings its total funding raised so far to $15.4 million.
Prismforce’s software suite for skill management, talent marketplace, and forecasting helps technology businesses efficiently plan, staff and deliver projects while providing career progression for their employees.
“At Prismforce, we chose to build the first vertical SaaS product suite designed for tech services... We are using the latest AI technologies to build compelling use cases contextualised to the industry needs," said Somnath Chatterjee, Founder and CEO of Prismforce.
By partnering with Sequoia Capital India, Prismforce said it will be able to accelerate its product development and business growth to serve the global tech sector.
According to Abhishek Mohan, Principal, Sequoia Capital India, 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,” said Abhishek.
Mohd Qasim is the Co-founder of Prismforce.
Edited by Affirunisa Kankudti