Ai Palette, a tech startup based in Singapore, has raised $5.8 million in a Series A1 financing round.
Ai Palette said in a statement on Wednesday that Tin Men Capital, a venture capital firm based in Singapore that specializes in business-to-business (B2B) software startups, had announced a $4 million investment in the company.
In addition to fueling their global expansion in North America, Europe, and Asia Pacific (APAC) and enhancing their generative AI capabilities, especially with their well-known FoodGPT offering, Ai Palette hopes to further expand into the Beauty, personal care, and nutraceutical categories with the infusion of new funds. These plans date back to November 2023.
“The expansion into the beauty and personal care sector is a mark of our dedication to expand our services to meet the ever-changing needs of consumers. We hope to empower companies to prioritize customer-centric strategies without the hassle of time consuming data sourcing or potentially investing in redundant research that may not yield successful results,” said Somsubhra GanChoudhuri, Chief Executive Officer and Co-Founder of Ai Palette.
“Our goal is to streamline the entire journey from concept to launch, positioning Ai Palette as the go-to choice for consumer packaged goods (CPG) brands. With this investment, we’re primed to expand our market reach significantly and enhance our team with top-tier talent,” he added.
Artificial intelligence (AI) and machine learning are used by tech startup Ai Palette, which has its headquarters in Singapore and offices in the US and India. The company helps CPG companies develop products through these technologies.
Food and beverage (F&B), cosmetics and personal care, and nutraceutical products are among the specialties offered by its multimodal AI-powered platform to the CPG sector.
Since the platform can generate and screen product ideas in minutes and identify emerging consumer trends with contextual understanding, it can significantly reduce the costs and increase the efficiency of developing new product categories, expanding existing product lines, finding new demand spaces, optimizing portfolios, and repositioning existing products.
With the use of 61 billion data points gathered from more than 150 data sources, Ai Palette’s patented technology can detect emerging trends in real time. This helps to uncover consumer drivers and motivations and validates product concepts that aim to fill unmet customer needs.
It makes use of an algorithm for natural language processing that is capable of understanding eighteen languages, including Asian languages.
