Ai Palette will use these funds to expand into new territories and hire engineers and data scientists
Ai Palette Inc., a foodtech startup that uses machine learning to help clients react faster to emerging trends, has reportedly secured $4.4 million in a Series A funding round. As per sources, the round was co-led by pi Ventures and Exfinity Venture Partners, who will be joining Ai Palette’s board.
New investors like Anthill Ventures and food-tech venture firm Decacorn Capital & AgFunder also participated in the funding round. The recent financing brings Ai Palette’ total valuation to $5.5 million, including funds from a seed round that was announced earlier in 2019.
Ai Palette is originally based in Singapore and owns an engineering hub in Bangalore. It started its customer base in Southeast Asia before expanding into Japan, China, Europe and the United States.
The firm’s AI platform supports 15 languages, the most for any AI-based tool that predicts CPG (consumer packaged goods) trends. It leverages data from multiple sources like search, recipes, menus, blogs, company data and social media.
Ai Palette claims that it will be utilizing the recently raised funds to expand into new areas and hire engineers and data scientists.
The firm was founded by Somsubhra GanChoudhuri (CEO) and Himanshu Upreti (CTO) in 2018, who met through Entrepreneur First, the “talent investor” that hires and pairs up promising founders.
GanChoudhuri states that the data sets prominent in each area are prioritized, such as a local recipe or a food delivery app. They are also monitored over time to assess growth trajectory with a high degree of certainty.
One of the reasons Ai Palette’s differs from other machines learning-based trend-prediction platforms is its ability to work with numerous languages. It presently supports English, Bahasa Indonesian, Japanese, Vietnamese, Thai, French, Spanish, Tagalog, Korean, simplified Mandarin, and German, with further plans to expand as it targets new European countries, Latin America, Mexico, and the Middle East.