Prismforce, the company known for providing tools for IT companies has raised $13.6 million
- ByStartupStory | November 30, 2022
Prismforce the India-U.S. startup known for providing IT and tech services companies with tools to build better talent supply chain, has raised $13.6 million in a Series A round. The round was led by Sequoia Capital India. IT providers usually spend a large part of their variable costs on hiring skilled employees. But finding those employees from the ever-growing talent market and deploying them effectively to get adequate results is a daunting task for the industry worldwide.
Prismforce is following Amazon’s approach to matching the demand for talent with the supply for companies offering IT and tech services, said co-founder and CEO Somnath Chatterjee. “We are treating this as a supply chain problem, where you have to standardize demand, standardize supply, make the match happen, almost as if you are an e-commerce engine and e-commerce marketplace trying to make a talent marketplace,” he said in an interview with TechCrunch.
The startup which is registered in Delaware, and has a wholly-owned India subsidiary and offices in San Francisco, Mumbai, and Bengaluru, is currently on track to amass 10 clients by the end of this year. Their smallest client generates $400 million in revenue while the biggest counterpart makes more than $10 billion. Chatterjee did not disclose the names but has said that half of them have their presence in India, while half of them are U.S.-domiciled companies.
The executive said that he expects the geographical ratio of the startup’s clients to shift over time, with 70–80% coming from English-speaking countries, such as the U.S., U.K., and Europe. Although the primary focus of Prismforce is limited mostly to companies offering IT and tech services, it also targets entities in the enterprise IT domain. The startup is also planning to reach professional services firms in the future, including accounting, tax, and consulting firms, Chatterjee said. “It is a lot more pertinent for IT companies because the underlying skills are changing very fast, which is not the case for many of these consulting and professional services companies. But that could be the third horizon we can go to,” he said.
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