Impact Analytics Inc. closed on an $11 million growth financing led by Argentum Capital Partners IV, L.P. In connection with the financing, Walter H. Barandiarán, managing partner at Argentum, has joined Impact’s Board of Directors.
Impact’s AI-driven technology platform optimizes forecasting, planning and merchandising functions for retailers and consumer packaged goods (CPG) manufacturers. The company’s SmartSuite and forecasting products for assortment planning, allocation optimization, markdown optimization, and promotion planning are used by large-scale retailers including Calvin Klein, Tommy Hilfiger, Puma, JoAnn Fabrics, and Belk.
“We believe that smart decisions are made when humans and machines work together. We have built best-in-class decision systems that unlock the power of artificial intelligence for our customers, in easy-to-use workflows,” said Prashant Agrawal, Impact’s CEO.
“A recent Gartner report concluded that retailers need to adopt AI to improve and enhance assortment and pricing optimization. As investors with extensive experience in retail tech, Argentum has seen the COVID-19 pandemic accelerate the need for artificial intelligence and data-based decisions 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 bricks & 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.