Business, Investments

Sapience to raise Series B at a valuation of $100M

Pune based software startup is planning to raise USD 10 million (INR 59 crore) in an equity funding round, per an Economic Times’ report by Biswarup Gooptu. Post investment, the firm is expected to be valued at USD 100 million.

This could be a part of potential Series B round, however, details of venture capitalists in talks has not been disclosed yet.

Launched in 2009, Sapience Analytics was formerly known as “InnovizeTech Software” until 2012. It is a venture of Hemant JoshiSwati DeodharMadhukar Bhatia and Shirish Deodhar. It provides software to increase employee efficiency as well as enterprise productivity. 20 percent more work output, automated work visibility, easy availability of effort analytics, etc are a few main services provided by the company.

In near future, the company is looking forward to expand in US markets. “Right now, we are ready for a global play and are looking to raise a new round to drive our expansion in developed markets.” said Shirish.

Earlier in 2011, it raised USD 748.30K (INR 4.5 crore) in Series A from Seed Enterprises. It has previously received angel funding from Indian Angel Network in June 2010.

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