Prismforce Bags $ 13.6 Million from Funding Round
Software provider Prismforce, which helps IT companies digitize their talent supply chain, has raised $13.6 million from investors led by Sequoia Capital India.
Prismforce said it will utilise the funds to enhance its product suite, strengthen its go-to-market capabilities and grow its talent base.
Earlier, Prismforce had raised $1.8 million in seed funds from serial entrepreneurs and software-as-a-service (SaaS) founders. The latest funding round takes the total funds raised to $15.4 million. Prismforce was founded in 2021. Its 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. This leads to better employee engagement.
“We have been able to build an exceptional team... Our core team has people with experience in global tech and consulting companies such as Amazon, Uber, Infosys, Phenom & McKinsey,” said Somnath Chatterjee, founder and CEO of Prismforce.
“We are seeing good traction with marquee global tech services clients, where we are delivering significant business impact on the back of our product deployments.”
Prismforce is operational in the US and India with live deployments. The net employee addition by the top IT services providers has dropped by about a fourth in the first two quarters of the current fiscal year, and is expected to fall by almost half for the full year, as the next two quarters are historically weak for the $227 billion software exports industry. The top four companies reported a record 240,000 net headcount growth in FY22.
“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,” said Abhishek Mohan, principal, Sequoia Capital India. “Somnath and Qasim’s vision is to create the defining vertical software company for technology and professional services.”