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Talent supply chain SaaS firm Prismforce raises $14 million led by Sequoia Capital

Prismforce will be utilising the funds to enhance its product suite, strengthen go-to-market capabilities and grow its talent base

November 30, 2022 / 08:02 AM IST

Talent supply chain software service provider Prismforce has raised $13.6 million in its Series A funding round led by Sequoia Capital India.

Prismforce will be utilising the funds to enhance its product suite, strengthen go-to-market capabilities and grow its talent base.

Founded in 2021 by Somnath Chatterjee, Prismforce is operational in the USA and India with live deployments at some of the fastest-growing digital specialists and top IT providers. Prismforce’s talent supply chain software suite for skill management, talent marketplace, and forecasting help technology businesses plan, staff, and deliver projects while providing career progression for their employees.

“Presently we have around 10 clients and we are planning to double or even triple this over the next 12-18 months. We are a 60-member team now and we are planning to double this over the next 12-15 months,” Chatterjee said in an interaction with Moneycontrol.

The company will be hiring across products and engineering and in the sales and marketing departments. Prismforce serves clients in the IT and IT services industry.

“Our core team has people with experience in global tech and consulting companies such as Amazon, Uber, Infosys and McKinsey. We are seeing very good traction with marquee global tech services clients, where we are delivering significant business impact on the back of our product deployments,” Chatterjee added.

Prismforce’s software-as-a-Service (SaaS) enables IT and tech services companies to accelerate profitable growth by digitising and transforming their talent supply chain.

The company is focussing on English-speaking markets like the US and the UK, and it has a huge market presence in India.

“India is a big market as most of the talent for the IT and IT services industry is present in India. Even some of the large companies like Accenture source most talent from India,” he said.

This Series A funding round of $13.6 million was led by Sequoia Capital India along with a select set of global angel investors.

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 across seed and Series A rounds.

“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 industry’s first vertical SaaS giant for IT and professional services,” said Abhishek Mohan, Principal, Sequoia Capital India.

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Bhavya Dilipkumar
first published: Nov 30, 2022 08:02 am