Sequoia Capital India led the $13.6 million Series A funding round for Prismforce, an India-U.S. firm that helps IT and tech services companies improve their talent supply chain (1).
Most IT companies wiggle room budget goes toward paying for talented new hires. One of the biggest problems facing businesses worldwide is recruiting qualified workers from the expanding labor pool and then putting them to work in a way that produces satisfactory results.
About the Founders of Prismforce
Somnath Chatterjee, co-founder, and CEO of Prismforce cited Amazon as an inspiration for the company's strategy of balancing the supply and demand for IT and technology professionals.
Chatterjee co-founded Prismforce with Mohd Qasim in April 2021, following 14 years as a partner at McKinsey. Qasim's resume also includes time spent at McKinsey as a senior engagement manager.
Both co-founders worked at a management consulting firm where they served a wide range of IT service providers; their exposure to the industry's pain points informed the development of Prismforce.
What Does Prismforce Do?
SkillPrism is a tool offered by Prismforce that automates talent profiling by applying AI to a skill inventory management application. The company's other products include IntelliPrism, an AI-driven search and match module for managing resources end-to-end. OutlookPrism is a tool for planning and forecasting human and material capital, and InsightPrism is a set of executive dashboards.
Founded in Delaware and with operations in San Francisco, Mumbai, and Bengaluru, the company has already signed up ten clients, the smallest of which generates $400 million in annual revenue and the largest, more than $10 billion. Chatterjee did not name them, but he did say that while half are based in India, the other half are based in the United States.
The CEO has stated that he anticipates a shift in the startup's clientele's geographic distribution, with the majority eventually hailing from English-speaking regions like the US, UK, and Europe.
Prismforce targets businesses in the enterprise IT sector in addition to its primary concentration on IT and tech service providers. Chatterjee added that the company has long-term goals of expanding into the accounting, tax, and consulting industries.
"It is much more relevant for IT firms than many of these consulting and professional services firms because the fundamental skills are changing extremely rapidly in the IT sector. A third horizon, he said, might be that.
What did Sequoia Capital Said?
Prismforce wants to increase its go-to-market reach, improve its product suite, and expand its talent base from the current 60 members to 120-140 in the next nine to 12 months with the help of new capital from Sequoia Capital India and global angel investors.
"The technology services business is a bedrock of the international information economy, supporting over 20 million jobs worldwide and accounting for a total market worth of more than $4 trillion. Abhishek Mohan, principal at Sequoia Capital India, stated in a prepared statement, "Despite that, there is no significant vertical software vendor covering its different needs."
"Somnath and Qasim's ambition is to develop the defining vertical software firm for technology and professional services. Multiple market-leading IT service providers have deployed Prismforce solutions with significant results over the past year, proving the viability of this concept."
Prismforce has raised $15.4 million so far, with $1.8 million coming in a seed investment round a year ago from an unnamed group of angel investors that comprised serial entrepreneurs and SaaS founders.