Prismforce, a vertical SaaS firm focused on enabling IT companies to build a digital first, agile talent-supply chain, has raised funds to the tune of $13.6 million in a Series A round led by Sequoia Capital India.
The funds will be used to enhance Prismforce’s product suite, strengthen go-to-market capabilities and grow its talent base. The Company is operational in the US and India with live deployments at some of the fastest growing digital specialists and top IT providers.
In addition to Sequoia Capital India, there were other global angel investors who participated in the funding round. 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.
Globally, IT providers have been finding it difficult to attract, engage and retain good tech talent. The surge in the demand for a variety of skills due to digitisation of enterprises has only added to the challenges. To manage this complexity, a digital first approach is required, which is offered by Prismforce’s 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.
According to Somnath Chatterjee, founder & CEO, Prismforce, “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”.
The core team at Prismforce has people with experience in global tech and consulting companies such as Amazon, Uber, Infosys, Phenom and McKinsey.
The partnership with Sequoia Capital India will enable the Company to accelerate its product development and business growth to serve the tech sector globally.
Abhishek Mohan, principal, Sequoia Capital India, revealed that “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”.
