InnovizeTech Software has just raised Rs 4.5 crore in its series A round from a new fund called Seed Enterprises. The Pune-based company had raised $350,000 in angel funding from Indian Angel Network (IAN) in June 2010, which included high profile angel investors such as Rajan Anandan and Rehan Yar Khan.
Seed Enterprises is a new venture fund by Mitesh Bohra, Avinash Sethi and Siddharth Sethi, who previously co-founded InfoBeans Systems.
InnovizeTech’s flagship is Sapience, an enterprise productivity measurement and metering solution. Sapience is Cloud-based, although an on-premise option is available for large enterprises. It is currently used by Zensar, IDeaS and Bio-Analytical Technologies, SG Analytics, EnVenture and Excelize.
The funding will be used for technology development – for adding advanced features to the solution and undertaking R&D.
Seed Enterprises’ Mitesh Bohra has joined the company’s board of directors while Avinash Sethi has been inducted as its chief marketing officer (CMO). “Sapience is a great product, solving a real problem in a vast market, with virtually no competition. The team is highly experienced and committed, adding up to a great package. Our investment will act as a catalyst to fuel the growth momentum of InnovizeTech,” said Bohra. Harish Mehta, an IAN member, is also on the InnovizeTech board.
Shirish Deodhar, co-founder and CEO of InnovizeTech, said, “The new investment and the addition of experienced executives are validations of the market potential and business strategy we have adopted.”