AI Palette
Using AI to help food companies originate new products.
- Total Raised
- $5.5 million
- Latest Round
- Series A
Investors
AgFunder, Decacorn Capital, Entrepreneur First, SG Innovate.
Summary
AI Palette is a Singapore-based company founded in 2018 to disrupt the traditional product innovation approach used by all major companies in the Fast Moving Consumer Goods (FMCG) sector. New FMCG products currently have a failure rate of at least 85%, which translates into annual losses of up to $40B for big food and beverage brands. To solve this problem, AI Palette is developing a cloud-based SaaS platform that utilizes big-data analytics to scan millions of data points across multiple geographies to deliver a faster, cheaper and more accurate understanding of consumers’ tastes and developing trends in flavour preferences.
Why We Invested
- Extraordinary traction within a short period of time and with limited resources.
- The CEO is a FMCG specialist with a background of consumer product development. The CTO and cofounder is an award-winning AI engineer.
- The only platform to track trends across multiple geographies in multiple languages.
- Tracks local and migrating flavor trends, a vital insight for international brand and product development.
- Native to the fast-growing Asian market, with few incumbents compared to Western markets.
- SaaS platform provides FMCG companies the freedom to experiment and develop flavor and product profiles based on real-time data.
- Impressive sales pipeline of food and beverage majors with initial evidence of high conversion rates.
Contact AI Palette
Team
Som Choudhuri
CEO/Cofounder
Som Choudhuri has 10+ years of experience in Innovation & New Product Development (3 years at Yokogawa and 7 years at Givaudan as first a sales manager and then as a global sales program lead) and has worked closely with some of the biggest FMCG brands (Nestlé, KFC, Britannia, Unilever) on product concept generation. Som is driven by his motivation to leave a mark in this world. In his last role at Givaudan, he saw firsthand why new products fail and is confident that this problem can be solved with technology. Som obtained a Bachelor of Engineering from Anna University and an MBA from Narsee Monjee Institute of Management Studies.
Himanshu Upreti
CTO/Cofounder
Himanshu Upreti previously worked at Visa Inc. in the Visa Data Labs division immediately after graduating. His primary work involved building data products and driving PoCs on Visa's Big Data Platform to create a seamless and faster payment experience. He is well-versed and certified in Hadoop, Big Data Analytics, Machine Learning and its related components. His interest in Machine Learning and AI led him to take on multiple responsibilities during his tenure at Visa, which ultimately resulted in two trade secrets. Himanshu’s motivation to start a startup comes from his creative independence and strong desire to solve challenging problems. Himanshu holds a Bachelor’s in Mathematics and Computing from the Indian Institute of Technology at Guwahati.