Prismforce, a software provider that helps IT companies digitize their talent supply chain, has raised $13.6 million from investors led by Sequoia Capital India.
Prismforce will use the funds to enhance its product line, strengthen its go-to-market capabilities and expand its talent base.
Previously, Prismforce raised $1.8 million in seed funding from serial entrepreneurs and software-as-a-service (SaaS) founders. The latest round of funding brings the total funds raised to $15.4 million.
Prismforce was founded in 2021. Its skills management, talent marketplace, and forecasting software suite helps technology businesses efficiently plan, hire, and deliver projects while providing career progression for their employees. This leads to better employee engagement. Prismforce is operational in the US and India with live deployment.
Somnath Chatterjee, Founder and CEO of Prismforce, said, “We have been able to build an exceptional team… Our core team has people with experience in global technology and consulting companies such as Amazon, Uber, Infosys, Phenom & McKinsey.”
He added, “We are seeing good traction with major global technology services clients where we are delivering significant business impact through the deployment of our products.”
Abhishek Mohan, Director at Sequoia Capital India, said, “With a cumulative market capitalization of over $4 trillion and a global workforce of more than 20 million, the technology services industry is a cornerstone of the global digital economy. Despite this, there is no large vertical software vendor to serve its diverse needs.”
He added, “Somnath and Qasim’s vision is to create a defining vertical technology and professional services software company.”
The net hiring at leading IT service providers fell by about a quarter in the first two quarters of the current fiscal year and is expected to fall by nearly half for the full year as the next two quarters are for the software export industry worth $227 billion historically weak. The top four companies reported a record 240,000 net headcount increase in FY22.