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Impact Analytics, the US and India-based SaaS startup, on Tuesday said it has closed an $11 million growth financing round led by New York-based growth equity firm Argentum Capital Partners.

Founded in 2015, Impact Analytics secured $725,000 in seed funding in 2016 led by early-stage VC firm Aarin Capital — a joint venture founded by TV Mohandas Pai and Ranjan Pai.

Impact’s technology platform powers SaaS solutions aimed at optimising the forecasting, planning, and merchandising functions for retailers and consumer packaged goods (CPG) manufacturers. The startup claims that these sectors rely on spreadsheets and legacy manual systems for key decisions, and they have an opportunity to increase sales and margins by utilising Impact’s solutions.

“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, CEO, Impact Analytics.

According to a statement, Impact’s SmartSuite and forecasting products for assortment planning, allocation optimisation, markdown optimisation, and promotion planning are deployed at leading retailers, including Calvin Klein, Tommy Hilfiger, Puma, JoAnn, and Belk.

Speaking on the investment, Walter Barandiarán, Managing Director, Argentum Capital Partners, said, “Brands and retailers have been forced to re-think overnight their approach to planning and merchandising, as substantial sales volume moved swiftly from bricks 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, and Impact is well-positioned to fulfil this market need.”

“We look forward to working with Walter and Argentum and leveraging its domain knowledge and experience investing in retail tech… With their investment, we will build our sales team, expand our product development team, and increase the market reach of our products,” added Prashant.

Argentum is a New York-based growth equity firm that supports entrepreneurs who build B2B software, technology-enabled, and business services companies. The firm invests in companies that earn revenue between $5 million and $25 million, providing capital to accelerate growth, fund acquisitions, and/or generate shareholder liquidity.

It has invested in 90 companies and supported over 200 add-on acquisitions.