Leading SaaS AI-based solutions provider Impact Analytics raised $10 million in a Series B round led by Argentum Capital Partners IV, L.P on Wednesday. This comes in addition to Argentum's previous investment of $11 million secured in February last year.
The company, in a press release, said that the funds would be used to scale the firm's customer reach and sales and marketing organizations to meet the surging demand of AI-led products in Europe, EMEA, North and South America, and Asia. In 2023, the analytics firm will open offices in London and Dubai in order to meet the global demand.
Impact Analytics CEO Prashant Agrawal said, "We are having a moment in time where COVID didn't create Peloton or Zoom, but propelled their success. Forecasting and pricing processes are broken and determinative to the bottom line. During COVID, we helped our clients accurately predict demand, and we thought that was tricky. But today, with unprecedented inflation, continuing supply chain issues, conflicts in Europe, consumer sentiment shifts, and recessionary fears − AI/ML forecasting is a necessity."
The company’s AI-driven technology platform powers SaaS solutions aimed at optimizing planning, forecasting, merchandising, and end-to-end lifecycle pricing for retailers, CPGs, and DTC eCommerce.
Agrawal added that the current round of investment will allow the company to better serve the fast-growing set of clients, along with a strong business pipeline to keep up with demand, expanding Impact's footprint at a global scale.
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