Singapore-based foodtech startup Ai Palette Tuesday raised $4.4 million in a Series A round led by pi Ventures and Exfinity Ventures. The startup will use the funds to develop its platform and expand its consumer base globally.
The round also saw participation from Hyderabad-based Anthill Ventures and existing investors, including Silicon Valley-based investment firm AgFunder, among others.
Speaking on the development, Somsubhra GanChoudhuri, CEO and Co-founder, Ai Palette, said,
“Demand for Ai Palette’s solution grew through the pandemic, and this demand is only going to continue as the consumer goods sector accelerates digital transformation and AI adoption. From day one, we designed our technology to be relevant globally, and this puts us in a strong position to revolutionise the CPG product development space, where AI can create a $53 billion impact.”
He added, “With backing from our investors, we’re looking forward to accelerating product innovation for more FMCG brands in their fastest-growing markets — wherever that is in the world.”
Founded in 2018 by Somshubra and Himanshu Upreti, Ai Palette helps FMCG companies predict trends and understand why some of their products might not be working.
At present, the startup claims to work with a few companies, including Kellogs, Danone, Kellogg’s, Cargill, and Dole. It plans to onboard at least 10-20 companies in the coming months.
The platform supports 15 languages and serves a user base across 13 countries. It also wants to expand to the UK and Switzerland and increase penetration in existing markets, including China and Japan.
Roopan Aulakh, Managing Director, pi Ventures, said,
“Ai Palette is successfully solving fundamental problems by using AI to address the product innovation challenges in the FMCG industry. Ai Palette’s multilingual platform gives granular level insights on the current and future consumer trends. This is powerful intelligence that a company can leverage to launch successful products. We are excited to partner with Som and Himanshu who bring a compelling combination of F&B domain and technology.”