Singapore, 6th March 2024 – Ai Palette, a pioneer in the realm of integrating Artificial Intelligence and Machine Learning for Consumer Packaged Goods (CPG) development, proudly announces the addition of esteemed investors Tin Men Capital, heralding a momentous expansion into the Beauty and Personal Care (BPC) sector alongside a significant stride forward in Generative AI technologies. Tin Men Capital’s injection will complete a total of US$5.8M in this Series A1 funding round.
The unwavering support from existing investors – Exfinity Ventures and Pi Ventures – underscores Ai Palette’s commitment to innovation and its vision of reshaping the CPG landscape.
This investment is a significant stride for Ai Palette, opening up a whole new era in Beauty and Personal Care product development. Their partnership with Himalaya Wellness Worldwide showcases Ai Palette’s knack for using data to ride the wave of booming markets like beauty and personal care. It’s like a sneak peek into the future of creating products that truly resonate with consumers, breaking away from the industry’s usual mold. And with this injection of funds, Ai Palette is set to supercharge its Generative AI capabilities, particularly with their widely recognised FoodGPT offering.
"Having new investors on board always reinforces a company's growth objectives, and with Tin Men Capital joining us, we're fully committed to expanding our successes into new categories and countries. Our venture into the BPC sector, supported by our advancements in Generative AI, marks a significant step forward in our mission to streamline product development and cater to the evolving demands of consumers. This allows companies to focus on customer-centric product development strategies without the burden of sourcing unreliable data from various channels or investing in research that may not yield successful products. Our aim is to cover the entire journey from concept to launch, making Ai Palette the preferred choice for CPG brands. With this investment, we're poised to broaden our market reach significantly and strengthen our team with top-tier talent. Exciting times are ahead as we leverage our strong market position to drive hypergrowth.”
Turning Challenges into Opportunities: The Story of Ai Palette’s Beginnings
Established in 2018 by Somsubhra GanChoudhuri and Himanshu Upreti, Ai Palette is spearheaded by Som, CEO, with 7 years of experience in sales and marketing at Givaudan, the world’s largest flavor & fragrance house. Himanshu, CTO, brings expertise in advanced Machine Learning and Big Data Analysis, having filed two trade secrets during his tenure at Visa Data Labs. The genesis of Ai Palette stems from their mutual observation of witnessing brands bleeding funds on products that failed to gain traction in the market. Upon closer examination, they identified a critical trifecta of challenges: a dearth of reliable and scalable data, constrained timeframes, and limited resources. Recognizing this as a pivotal opportunity, they embarked on a mission to revolutionize CPG product innovation by leveraging the power of data.
The last 5 years have seen enormous success with CPG brands crafting their next breakthrough products using Ai Palette. It enables them to monitor emerging trends in real-time, predict their trajectory, and swiftly adapt to changing needs. Going beyond trend tracking, the end-to-end platform assists in generating product concepts and dynamically ranks them to identify winning ideas, all in record time. Industry giants like Nestle, Mondelez, Diageo, Cargill, and Himalaya Global trust Ai Palette throughout their product innovation process to conceptualize new products, optimize product portfolios, localize product lines and strengthen reason-to-believe propositions.
A Commitment to Excellence in Enterprise Solutions
As Ai Palette accelerates its efforts to expand its services for top-tier CPG conglomerates such as Nestle, Kelloggs, Cargill, Diageo, and now Himalaya Wellness Worldwide, it is empowering these companies to harness AI across their global operations, fundamentally enhancing their operational frameworks. With a comprehensive range of solutions encompassing data from 87% of the global GDP, Ai Palette is establishing a new standard in the industry. It provides unmatched real-time insights, offering a significant competitive advantage in product development.
Fostering a Secure and Scalable Environment for Global Growth:
- Rigorous Security Standards: Ai Palette adheres to the highest security protocols, ensuring the protection of sensitive data and compliance with global regulations, providing peace of mind for enterprise clients.
- Brand-Centric Approach: Ai Palette understands the importance of maintaining brand integrity within your diverse portfolio. Their solutions seamlessly integrate, preserving and enhancing brand identities while driving innovation and growth.
- Customized Support: Ai Palette offers a dedicated team with consulting support tailored to meet the unique needs of large-scale enterprises. From implementation to ongoing assistance, we provide personalized guidance to ensure maximum efficiency and success.
"Choosing to invest in Ai Palette was very easy for us. The projected growth of the Beauty and Personal Care Products market, expected to rise to USD 939.87 billion by 2030, sets the stage for remarkable opportunities for Ai Palette. Their solution represents a masterful blend of cutting-edge technology and an acute understanding of customer pain points, reshaping conventional processes in the industry. By compressing product development timelines by up to 6 months, Ai Palette exemplifies strategic innovation for a traditional industry. Moreover, their ability to deliver real-time insights derived from a vast dataset of over 61 billion data points empowers businesses to capitalize on nuanced consumer trends across various demographics and geographical regions. This not only enhances success rates but also propels revenue growth through swift market penetration strategies."
About Ai Palette:
Ai Palette is an insights-driven concept to launch platform for the Consumer Packaged Good Industry. Leveraging insights from over 61 billion data points, our SaaS platform provides real-time tracking of emerging trends, aiding in rapid product concept creation and ranking to identify winning ideas swiftly. Leading CPG companies worldwide including Nestle, Kelloggs, Cargill, Diageo, Olam rely on Ai Palette’s capabilities throughout their product innovation journey, utilizing it to conceptualize new products, optimize portfolios, localize product lines, and bolster brand propositions. Our proprietary technology harnesses predictive analytics, natural language processing, and computer vision to capture trends from diverse data sources, processing over 61 billion data points and delivering insights in 18+ languages.
In 2023, Ai Palette launched FoodGPT, a groundbreaking Generative AI tool designed specifically for the intricate F&B industry, garnering immediate acclaim from its inception.
Based in Singapore with an engineering hub in India, Ai Palette serves a global clientele through its sales headquarters in the United States.
Media Contact:
Divya Sharma Dixit |Director of Marketing & Revenue Operations
USA | Singapore | India
divya@aipalette.com
Discover more at www.aipalette.com.
