Ai Palette, a foodtech startup based in Singapore has secured a US$1 million seed funding from Decadorn Capital , Singapore government’s SGInnovate, Silicon Valley-based venture capital firm AgFunder, other individual investors, and existing investor Entrepreneur First.
L to R: Decacorn Capital Analyst Louis Low, Ai Palette CTI, Co-Founder Himanshu Upreti, Decacorn
Capital MD, Abhijit Banerjee, Agfunder Founding Partner Michael Dean, Ai Palette CEO and
Co-Founder Somsubhra GanChouduri, Decacorn Capital Founding Partner Debnel Mukherjee
Ai Palette uses predictive analytics, Natural Language Processing (NLP), artificial intelligence and image recognition to help food and beverage manufacturers develop and launch new products by spotting and analyzing emerging consumer trends.
Ai Palette said it plans to use the funding to focus on growing customers across multiple markets by fast-tracking product development to enhance its platform capabilities to be able to scale.
The company is co-founded by food industry veteran Somsubhra GanChoudhuri and AI and Big Data expert Himanshu Upreti.
Co-founder GanChoudhuri commented in an interview with Thailand Startup News, “Our product is designed for global relevance and we are glad to have Decacorn Capital, whose cross border reach can help us gaining traction, especially across Europe and the USA,. We are thrilled with having the rest of the investors onboard who can assist to further grow and also attain our outreach goals”
Eight-seven percent of new food products fail within two years. According to Nielsen, only 71 out of 3,463 products launched in 2012 sold more than $50 million. Most of these new products fail to meet consumer needs. That is extremely costly for large CPG companies, with billions of dollars lost each time, particularly as they try to stay relevant amid a rapidly-growing, and often very successful, startup CPG ecosystem.
Ai Palettes has massive opportunity to reduce failures and assist CPG companies develop products consumers actually want.,It is a Singapore-based SaaS startup that is working to address these problems in the $4 trillion FMCG (fast-moving consumer goods) industry.
The company claimed that it is already gained revenue with contracts from several FMCG giants.