Pune: Pune-based Innovize Tech Software, a software product company, has raised 4.5 crore in series A round of funding led by Seed Enterprises. As a part of the investment, the Directors of Seed Enterprises, Mithesh Bohra has joined the Board of Directors; and Avinash Sethi has joined the executive management team as the Chief Marketing Officer. Innovize Tech’s previous investment was by Indian Angel Network (IAN).

Innovize Tech plans to use the funds to further accelerate the growing customer base, add advanced features as desired by key customers, and undertake research and development for higher addition to Sapience (their award-winning product) users. The long term goal is to deliver ‘Big Data’ analytics of ‘Work Patterns’, thereby getting more work output and simultaneously enabling employees to improve their work-life balance.

Shirish Deodhar, Co-founder and CEO, Innovize Tech, said, “Today is an exciting day for the company. The new investment and addition of experienced executives is a validation of the market potential and business strategy of our product, Sapience.” 

Co-Founded by serial entrepreneurs Shirish Deodhar, Madhukar Bhatia, Swati Deodhar, and Hemant Joshi, Innovize Tech Software is a new player in India’s emerging software product story. Shirish has incubated and led several IT companies. His previous two companies had exits to global majors: In-Reality Software, now part of Symphony Services; and VERITAS Software, now a part of Symantec. He did his B.Tech (EE) from IIT Mumbai, and has a Master’s degree from U.S. Shirish has a U.S. patent and has filed for two more, has presented ten technical papers, and has won several excellence awards. He has also written a book titled ‘From Entrepreneurs to Leaders’.

Innovize Tech’s client portfolio includes IDeaS, EnVenture Technologies, Zensar, KPIT Cummins, India Ops, Pubmatic, IxSignt Technologies, and Onward Technologies. Innovize Tech was selected by Red Herring as a 2011 Asia Top 100 technology company, followed by recognition as the #1 Pune Startup and Top 10 India Startup by ET.

Shirish says, “Seed Enterprises, being entrepreneurs themselves, share our dream of building a $100 million product company in India, having compelling business value, a team that can execute effectively, and unique technology. They have not only invested in a patent-pending technology, but are also becoming a part of the Executive team and Board.”

Seed Enterprises is a newly established fund with an objective to seek high-growth investment opportunities in software products in the emerging markets.

The Indian Angel Network, a network of business angels, invests in start-ups, early stage ventures with a unique model of incubator. It has an investor base of over 180 angels and helps investees gain access to the vast business network of IAN's influential members, strategic direction, and operational guidance apart from financial investment.