Impact Analytics, provider of AI-driven software-as-a-service (SaaS) solutions for planning and merchandising within the retail industry, has raised $ 11 million in Series A from investors led by Argentum Capital Partners IV, LP.
In 2016, the company had secured $ 7,25,000 in a seed funding round led by early-stage venture capital firm Aarin Capital, a joint venture founded by TV Mohandas Pai and Ranjan Pai.
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Impact’s AI-driven technology platform powers SaaS solutions aimed at optimising the forecasting, planning and merchandising functions for retailers and consumer packaged goods manufacturers. The industry currently relies on spreadsheets and legacy manual systems for these key decisions, and the company says retailers can increase sales and margins by using its solutions. Its clients include Calvin Klein, Tommy Hilfiger, Puma, JoAnn and Belk.
“We believe that smart decisions are made when humans and machines work together. We have built best-in-class decisioning systems that unlock the power of artificial intelligence for our customers, in easy-to-use workflows,” said Prashant Agrawal, Impact’s CEO. Headquartered in Maryland, Impact Analytics has offices in Los Angeles, New York and Bangalore.
The company said its systems can also enhance retailers’ sustainability efforts by helping them make more precise merchandising and allocation decisions, reducing waste and their carbon footprint.
“Argentum has seen the Covid pandemic accelerate the need for artificial intelligence and data-based decisioning in the retail industry,” said Walter Barandiarán, Argentum’s managing partner. “Brands and retailers have been forced to re-think overnight their approach to planning and merchandising, as substantial sales volume moved swiftly from brick-and-mortar to online commerce. Brands and retailers must now and in the future make smart, data-based decisions in real-time about inventory, pricing and promotion. Impact is well-positioned to fulfill this market need,” Walter added. He will join Impact’s board of directors.
Argentum is a New York-based growth equity firm that invests in B2B software, technology-enabled and business services companies. It invests in companies with revenues of $ 5 million to $ 25 million, providing capital to accelerate growth, fund acquisitions and generate shareholder liquidity.