Singapore-based foodtech startup Ai Palette announces that it has secured S$1.45 million (US$1 million) in seed funding led by Decacorn Capital with participation from Singapore government’s SGInnovate and Silicon Valley-based agri-foodtech-focussed venture capital (VC) firm AgFunder.
The recurring investor in this round is Entrepreneur First with some senior industry professionals in American and Swiss multinational food brands, pitching in their personal capacity.
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.
Using Artificial Intelligence (AI) and Predictinalytics around Natural Language Processing (NLP) and Image Recognition for food and beverage manufacturers, Ai Pallete aimed to help these manufacturers craft and launch new products by spotting and analysing emerging consumer trends.
The company is co-founded by food industry veteran Somsubhra GanChoudhuri and AI and Big Data expert Himanshu Upreti.
The company claimed that it is already gained revenue with contracts from several FMCG giants.
Ai Pallete highlighted the massive problem in the U$4 trillion-worth of FMCG industry with studies revealing that 90 per cent of the product launches fail. It is mostly due to the inability to predict changing consumer needs accurately, a problem that ended up costing millions of dollars.
Debneel Mukherjee, Managing Partner of Decacorn Capital, commented on why the VC has decided to invest in Ai Pallete.
“While we had liked the platform and the confidence of the founders, it was the endorsement from several leading multinational FMCG giants which reinforced our belief that AI Palette will become a preferred choice for global consumer brands to engineer product launches with a successful outcome,” said Mukherjee.
Back in 2018, Decacorn Capital signed a partnership agreement with German Accelerator Southeast Asia to enable cross-border collaboration between German and Singaporean technology startups.
Image Credit: Decacorn Capital