Ai Palette Raises USD 5.8 Mn in Series A1 Led by Tin Men Capital The startup aims to accelerate its global growth in the Asia Pacific (APAC), Europe and North America regions by entering new markets in the nutraceutical, beauty and personal care sectors.
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Ai Palette has announced the raising of USD 5.8 million in a Series A1 round led by new investor Tin Men Capital. Two existing investors - Exfinity Ventures and pi Ventures also participated in the investment round.
With the additional funding, AI Palette hopes to accelerate its global growth in the Asia Pacific (APAC), Europe, and North America regions by entering new markets in the nutraceutical, beauty, and personal care sectors. Additionally, the money will be utilised to enhance its generative AI capabilities, particularly with its FoodGPT offering.
Somsubhra Ganchaudhuri, Co-founder and CEO of Ai Palette, said, "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."
Ganchoudhuri added, "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.""
Established in 2018 by Somsubhra GanChoudhuri and Himanshu Upreti, Ai Palette has created an end-to-end platform that allows users to identify trends, generate new product concepts, and screen them at the click of a button, aided by a chatbot called FoodGPT.
It is headquartered in Singapore and has operations in the US and India.
Global personal care and beauty firm Himalaya Wellness, as well as food and beverage behemoths like Nestle, Symrise, ADM, Kellogg, Mondelez International, Diageo, and Cargill, are presently using the platform.
"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," said Jeremy Tan, Co-Founder and Partner at Tin Men Capital.
