Indian Angel Network is investing $350K (~ Rs 1.6Cr) in Pune-based software product firm InnovizeTech Software. The company's flagship product is called Sapient, which is awaiting patent, delivers a solution to measure and analyze enterprise effort and time
Sapience sits on each person's computer and non-intrusively measures work activity, while ignoring its usage for private purposes. It has built-in intelligence to distinguish between work and personal activity, through a combination of employee specified rules, pattern
matching, and usage based learning.
A pre-release version is already in trials at a dozen installations comprising large and medium IT services organizations, subsidiaries of US product firms, and Indian companies. InnovizeTech has been founded by four entrepreneurs.
"The entire journey of raising investment has been extremely professional and swift. Within 12 days of approaching IAN, we signed a term sheet. Right from day one, we have received valuable feedback, customer leads have already started coming in, and the IAN team has been very supportive right through," said Shirish Deodhar, co-founder of InnovizeTech.
"Sapience creates a business around core Intellectual Property (IP). Supplementing India's dominant position in software services market, emerging product companies will further expand its footprint in the IT industry," said Harish Mehta, member IAN and who is also joining the InnovizeTech board.
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