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kindrik partners advises foodtech startup Ai Palette on US$4.4m series A round
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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.”
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Kindrik Partners advised VC firm Illuminate Financial on its investment in Singapore-based AI-driven data processing and automation company bluesheets. Illuminate led the US$6.5 million series A round. Other returning investors included Insignia Ventures Partners, Antler Elevate, and 1982 Ventures.
Illuminate invests in B2B fintech and enterprise software companies that build solutions for the financial services industry. Backed by global financial institutions such as Citi, JP Morgan, Barclays, Jefferies, Singapore Exchange Group, and BNY Mellon, Illuminate uses its extensive network and industry knowledge to help their portfolio companies achieve their full potential in addition to providing capital.
bluesheets offers AI-driven data processing and workflow automation software that helps businesses digitise and automate their bookkeeping processes. It plans to use the funds to further enhance its AI capabilities and accelerate growth in key APAC markets, including Singapore, Thailand, ANZ, and Hong Kong.
We’re happy to have advised Singapore-based synthetic data company Betterdata on an oversubscribed seed round of $1.65 million, led by Investible.
The company was founded in 2021 by Dr. Uzair Javaid and Kevin Yee and allows clients to share data faster and more securely in compliance with stricter data privacy regulations being introduced around the world. Betterdata uses generative AI to convert real data into synthetic data that looks, feels, and behaves like real datasets. These synthetic datasets retain the structure and correlations of the original data while eliminating the privacy and security concerns that come with holding and sharing sensitive data.
Betterdata plans to use the funding to publicly launch its product, hire more staff as the company scales, and improve its technology stack, with the aim of providing support for single-table, multi-table, and time-series datasets. The company also plans to expand across the Asia-Pacific region over the next two years.
