AI Pallette
AI Palette is a food technology startup headquartered in Singapore. [1][2] It has developed a patented artificial intelligence and machine learning algorithm that helps FMCG companies identify emerging trends and unmet consumer needs and launch winning products. [1][3] The algorithm uses predictive analysis, Natural Language Processing (NLP), and image recognition to identify trends in real-time.[1][3]
As of 2020, AI Palette is well into revenue. [1][4] Their clientele includes various Fortune 500 listed FMCG companies.[1][4]
History
AI Palette was founded in 2018 by food industry veteran Somsubhra GanChoudhuri and Big Data expert Himanshu Upreti. [1][4] In August 2019, the company raised $1.1 million in a seed funding round led by Decacorn Capital. [3][5][6][7] The Singapore government-owned SGInnovative, Silicon Valley-based agritech-focused VC firm AgFunder, and existing investor Entrepreneur First also participated in the round.[3][5][6]
AI Palette was also selected as one of the Top 15 Global Foodtech at Slingshot 2019.[8][9]
Solutions
AI Palette has built a cloud-based platform named Foresight Engine that uses data analytics, NLP, and Computer Vision to capture food trends across various regions and categories. [1]The proprietary algorithm can monitor and predict trends in eight Asian languages as well as English. [1] It collects and analyzes data from various sources including blogs, recipes, menus, and social media platforms. [1]
Other solutions offered by AI Palette include product screening and validation. [1] The algorithm analyzes multiple product concepts based on consumer needs and identifies the most successful one. [1]It can also develop new product concepts for a brand based on its portfolio and target audience. [1]
References
- ↑ 1.00 1.01 1.02 1.03 1.04 1.05 1.06 1.07 1.08 1.09 1.10 1.11 "Why AgFunder thinks Ai Palette will revolutionize $4T FMCG industry" (in en-US). 2019-08-22. https://agfundernews.com/why-agfunder-thinks-ai-palette-will-revolutionize-4tn-fmcg-industry.html.
- ↑ Akhaya, Prisca. "[Exclusive Foodtech startup Ai Palette gets US$1M seed funding from Decacorn Capital, others"] (in en). https://e27.co/exclusive-foodtech-startup-ai-palette-gets-us1m-seed-funding-from-decacorn-capital-others-20190823/.
- ↑ 3.0 3.1 3.2 3.3 foodnavigator-asia.com. "‘Predicting the future’: Can artificial intelligence help slash food and beverage NPD timescales?" (in en-GB). https://www.foodnavigator-asia.com/Article/2019/10/02/Predicting-the-future-Can-artificial-intelligence-help-slash-food-and-beverage-NPD-timescales.
- ↑ 4.0 4.1 4.2 "Tech in Asia - Connecting Asia's startup ecosystem" (in en-US). https://www.techinasia.com/ai-palette-raises-1m-decacorn-sginnovate.
- ↑ 5.0 5.1 "Ai Palette Raises $1.1M in Seed Funding for its Food Trend Prediction Platform" (in en-US). 2019-08-23. https://thespoon.tech/ai-palette-raises-1-45m-in-seed-funding-for-its-food-trend-prediction-platform/.
- ↑ 6.0 6.1 News, Thailand Startup. "Ai Palette, A Foodtech Startup Secures US$1 Million Funding - Thailand Startup News" (in en-us). https://www.thailandstartup.news/news/ai-palette,-a-foodtech-startup-secures-us$1-million-funding.
- ↑ "Decacorn Capital leads $1m seed funding for SG foodtech startup Ai Palette" (in en-US). https://www.dealstreetasia.com/stories/sg-ai-palette-decacorn-150893/.
- ↑ Laing, Callum (2020-07-30). "Somsubhra Ganchoudhri, Co-Founder & CEO of Ai Palette". https://www.asianentrepreneur.org/somsubhra-ganchoudhri-co-founder-ceo-of-ai-palette/.
- ↑ "Startup SG - The Singapore Startup Ecosystem" (in en). https://www.startupsg.gov.sg/events/slingshot/2019/startups.
