Vertical SaaS firm focused on enabling IT companies to build a digital first, Prismforce on 30 November announced that it has raised Series A funding of $13.6 million led by Sequoia Capital India.
The firm will be utilising the funds to enhance its product suite, strengthen go-to-market capabilities and grow its talent base, it said in a release.
In recent times, globally the IT providers have faced challenges in attracting, engaging and retaining good tech talent. Adding on, the exponential increase in the demand for a variety of skills due to digitization of enterprises is complicating the issue.
Operational in the USA and India, Prismforce claims to solve these challenges through its suite of purpose built software products.
Along with a select set of global angel investors, the Sequoia Capital India led this Series A funding round of $13.6 million.
“Having served more than 30 top global IT providers and tech companies over 14 years while at McKinsey, my cofounder Mohd Qasim and I saw the opportunity to address this complex problem, with a product first approach," Prismforce CEO Somnath Chatterjee said.
"By partnering with Sequoia Capital India, we will be able to accelerate our product development and business growth to serve the tech sector globally,” he further added.
Prior to this, a year ago, Prismforce had raised $1.8 million 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.
“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,” Sequoia Capital India principal Abhishek Mohan said on the partnership.
