kindrik partners advises foodtech startup Ai Palette on US4.4m series A round
We’re pleased to have advised Ai Palette, a foodtech startup that uses machine learning to spot food trends, on their recent US$4.4m Series A round. The oversubscribed round was co-led by pi Ventures and Exfinity Venture Partners. AgFunder, Decacorn Capital, and Anthill Ventures also participated in the round.
Ai Palette uses machine learning and AI to help CPG (consumer packaged goods) companies predict consumer trends and speed up the R&D process. Its product, Foresight Engine, aggregates data from various different sources such as social media, search engines, blogs, recipes, images, menus and company data, and can recognise and analyse comments in 15 different languages.
The company was founded in 2018 by Somsubhra GanChoudhuri and Himanshu Upreti, who met through venture builder Entrepreneur First. The company is based in Singapore, with an engineering hub in Bangalore and plans to use the funds to expand its customer base beyond Asia, recruit new talent in data science and engineering, and develop new product lines.
“Ai Palette is bringing some great innovation in the food space to the table with their product” (no pun intended), partner Chris Wilson says of the deal. “Their oversubscribed Series A shows the confidence that investors have in the technology and the opportunity ahead of them.”
Read our other recent deal announcements here.