Insider Brief
- Ai Palette secured an additional $1.45 million from InnoVen Capital, concluding its Series A1 funding round with a total of over $7.7 million, to enhance its Gen AI product stack and expand in the Americas.
- The platform helps CPG brands like Nestle and Mondelez track real-time trends, generate product ideas, and optimize portfolios using advanced AI technologies.
- Ai Palette’s mission is to empower CPG companies to make AI-powered decisions, leveraging generative AI to understand consumer preferences and maintain a competitive edge in the market.
PRESS RELEASE — Singapore/June 24, 2024 — Ai Palette, the leading global AI-powered consumer data platform in the CPG (Consumer Packaged Goods) industry, proudly announces the extension of its Series A1 funding round, securing an additional $1.45 million from InnoVen Capital. This concludes Ai Palette’s current funding round, bringing the total to over $7.7 million. The fresh capital will be directed towards deepening the Gen AI product stack for the CPG sector and strengthening Ai Palette’s presence in the Americas.
Ai Palette has revolutionized CPG product development and positioning by helping brands track real-time trends, predict their trajectories, and swiftly adapt to rapid market changes. Beyond trend analysis, it swiftly generates and ranks product ideas, trusted by industry leaders like Nestle, Mondelez, Diageo, Cargill, and Himalaya Global for new concepts, portfolio optimization, localization, and enhancing credibility. A pioneer in applying advanced AI technologies like text analytics, NLP, image recognition, predictive analytics, and reinforcement learning to the CPG sector, they have developed specific capabilities for sub-sectors such as bakery, confectionery, beverages, ready-to-eat, ready-to-drink, plant-based, beauty, personal care, and nutraceuticals.
In late 2023, Ai Palette advanced in generative AI, leading with a breakthrough CPG centric solution that integrates this cutting-edge technology into their products. They have also developed capabilities for brand managers and category leaders to understand consumer perceptions and preferences, helping them maintain a competitive edge in the market.
“Ai Palette has consistently shown remarkable growth, collaborating with some of the largest names in the CPG sector. In an era of Generative AI, companies can use Ai Palette to track real-time consumer trends to help them with insights and new product development. We look forward to the partnership and believe that Ai Palette has the potential to become a leading player in this space.”
Ashish Sharma, Managing Partner, InnoVen Capital IndiaTweet
“CPG companies are increasingly seeking comprehensive solutions that integrate vast amounts of data to better understand rapidly evolving consumer preferences, all while prioritizing data security and latest technology. Our mission is to empower them to make AI-powered decisions, enabling them to discover, launch, and grow more rapidly. We are thrilled to receive continued support from our investors, which underscores our scalable, enterprise-first approach and highlights the growing importance of generative AI in the CPG industry.”
Somsubhra Ganchoudhuri, Co-founder, and CEO of Ai PaletteTweet
About Ai Palette
Ai Palette stands at the forefront of Artificial Intelligence and Machine Learning applications in the CPG industry. Its patented technology provides real-time trend analysis across 61 billion data points from over 150 data sources, enabling brands to create products that resonate with consumer needs. Headquartered in Singapore, Ai Palette is a trusted partner for the world’s largest CPG companies, Nestle, Mondelez, Diageo, Cargill, Himalayas, fostering innovation and renovation on a global scale.
For more information, please visit www.aipalette.com
About InnoVen Capital
InnoVen Capital is Asia’s leading debt firm with offices in India, China and Singapore. It provides debt capital to high growth ventures. To date, InnoVen Capital India has executed over 400 transactions, with more than 200 start-ups, including 36 unicorns. InnoVen has partnered with some of the leading start-ups such as Swiggy, boAt, Eruditus, CureFit, OfBusiness, Dailyhunt, Oyo, Licious, Infra.Market, Blinkit, Perfios, Shiprocket, Elasticrun, Zetwerk, Moglix, Firstcry, Ather, Porter and many more.
For more information, please visit www.innovencapital.com
Press Contact Information:
Divya Sharma
Director of Marketing and Revenue Operations
[email protected]
