Prismforce Secures $13.6 Mn Funding To Develop Product Suite

Bengaluru and San Francisco-based vertical SaaS startup Prismforce has raised $13.6 Mn in a Series A round of funding led by Sequoia India, along with angel investors.

The SaaS startup plans to use the incoming funds to enhance its product suite, strengthen go-to-market capabilities and grow its talent base.

Earlier, Prismforce had raised $1.8 Mn in seed funding from angel investors in 2021. Adding the latest funding, the startup has raised a total of $15.4 Mn funding to date.

Founded in 2021 by Somnath Chatterjee and Mohammed Qasim, Prismforce is a vertical SaaS startup that helps tech companies in IT hubs such as India and the US build an agile talent supply chain. 

The SaaS startup has four products, SkillPrism, IntelliPrism, OutlookPrism and InsightPrism. These allow a tech company to reskill their employees, build a talent marketplace and predict talent demand and hire in advance, respectively. The InsightPrism dashboard allows companies to have a view of their entire talent pipeline, providing actionable insights.

The startup’s website claims that it has helped tech companies in India and the US increase their Net Promoter Score (NPS) by 10%, reduce employee attrition and improve skilling.

Chatterjee of Prismforce, 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 added that the startup’s products help tech companies create a digital and agile talent supply chain. “We are using the latest AI technologies to build compelling use cases contextualised to the industry’s needs,” the founder said.

Abhishek Mohan, principal, Sequoia India, added, “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.”

The State Of SaaS In India’s Startup Ecosystem

SaaS and enterprisetech in general have been key sectors within India’s startup ecosystem, building on the Indian IT and software giants Infosys, TCS and others.

Even as many startup segments have been adversely affected by the ongoing funding crunch on account of the prevailing global macroeconomic headwinds, enterprisetech in India has been ticking along.

This month, three enterprisetech startups raised over $50 Mn in funding, including Lentra ($60 Mn), Amagi ($79 Mn) and Icertis ($150 Mn), according to Inc42 data, with Celebal Tech and Monsoon CreditTech also raising funding this month in the segment.

In Q3 2022, enterprisetech startups raised $424 Mn in funding, behind only fintech, according to Inc42’s ‘Indian Tech Startup Funding Report Q3 2022’.