Prismforce, a vertical SaaS (software-as-a-service) company that aids IT businesses in developing an agile talent supply chain, announced on Wednesday that it has raised $13.6 million in Series A funding from a select group of international angel investors and Sequoia Capital India.
The funds, according to the company will be used to expand its talent pool, improve its product line, and increase go-to-market skills. According to a release, Prismforce is active in the US and India.
Prior to this, the startup acquired $1.8 million in venture capital from a limited group of angel investors, including serial business owners, industry thought leaders, and SaaS founders. It has now received $15.4 million in fundraising as a result of this round.
Prismforce lays out new growth plan
Technology organisations may easily plan, staff, and deliver projects with the aid of Prismforce’s software suite for skill management, talent marketplace, and forecasting, which also offers career advancement for 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.
Abhishek Mohan, Principal, Sequoia Capital India, says 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.
