Software-as-a-service (SaaS) startup Impact Analytics has raised $10 million (around Rs 82.6 crore) as a part of its Series B funding round from its existing investor Argentum Capital Partners.
The Maryland and Bengaluru-based firm will deploy the fresh proceeds to scale up its artificial intelligence-led forecasting products as well as sales and marketing operations.
Founded in 2015, Impact Analytics offers solutions in the retail, consumer-packaged goods, manufacturing and supply chain sectors, allowing them make pricing decisions, forecast trends, and merchandise their offerings through its SaaS offerings.
It claims that its forecasting products including SmartSuite, one of its key offerings, have been deployed at about 10 of the top 25 retailers, three of the top 10 consumer-packaged goods companies, and five global manufacturers.
In February last year, Impact Analytics raised $11 million in a Series A investment round led by Argentum Capital Partners.
“Companies are now re-evaluating and leveraging smart decisioning technology powered by artificial intelligence. It’s why we’ve seen a tremendous demand for our AI-driven solutions that allow organizations to move fast and strategically with predictive and prescriptive insights across the retail value chain,” said Prashant Agrawal, CEO at Impact Analytics.
Argentum is a New York-based private equity firm that primarily invests in business-to-business (B2B) software, technology-enabled and business services companies. It invests in companies with revenues of $5 million to $20 million, providing capital to accelerate growth, fund acquisitions and or generate shareholder liquidity.
Several SaaS based startups across categories have managed to raise funding in the recent past.
Earlier this month, Evolve Bits Inc, which operates SaaS startup Zenskar, has raised $3.5 million in a seed funding round led by Bessemer Venture Partners, with participation from Shine Capital, Basecamp Fund and Converge.
Another SaaS startup MakerDojo.io has also secured $1.5 million recently in a pre-seed funding round led by Leo Capital.