Impact Analytics, a Linthicum, Md.-based venture whose founder Prashant Agrawal once served in the office of former British Prime Minister Tony Blair, has raised $5.5 million in its quest to create more sophisticated data sets for businesses still reliant on Excel sheets.
The funding is Impact Analytics’ biggest since 2021 when the company raised $11 million in a round led by New York-based Argentum. Founded in 2015, the company initially raised a seed round of $750,000 from a venture fund run by Mohandas Pai, former chief financial officer of Infosys. It has so far raised $17.3 million, as it builds AI-based SaaS solutions for retailers and maker of consumer packaged goods that lag other sectors in use of data.
“We believe that smart decisions are made when humans and machines work together,” Agrawal said after the funding round in 2021. “We have built best-in-class decisioning systems that unlock the power of artificial intelligence for our customers in easy-to-use workflows.”
Impact Analytics has developed a SmartSuite and forecasting products. The company says its products have been used by retailers such as Calvin Klein, Tommy Hilfiger, Puma, JoAnn and Belk.
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“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,” said Walter Barandiarán, managing director of Argentum. “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.”
Impact Analytics has been ranked in the Deloitte Fast 500. In 2018, it was ranked 585 on Inc. 5000. The company also won P&G’s Global AI innovation contest, giving it a chance to work with the consumer products giant on building an AI PoC.
Agrawal earned a BA in economics from Cornell University, and a joint degree in law and business from Columbia University. He has worked for McKinsey and Boston Consulting Group, besides overseeing investments in Asean countries for a hedge fund called Courage Capital. As a law student, he also interned in the M&A department of the law firm Skadden Arps.
