Ventures and Exfinity Ventures, with participation from Anthill Ventures. Existing investors Agfunder and Decacorn also participated in the funding round.
The company, which uses artificial intelligence to predict trends for food and beverage companies, has raised over $5.5 million so far, including the latest round.
Founded in 2018 by Somsubhra GanChoudhuri and Himanshu Upreti, the company has built a proprietary technology that identifies food trends in real-time and helps in creating product concepts that meet consumer needs.
“Demand for Ai Palette’s solution grew through the pandemic, and this demand is only going to continue as the consumer goods sector accelerates digital transformation and AI adoption,” GanChoudhuri told ET.
It has worked with six Fortune 500 companies and clients like Kellogg’s and business-to-business ingredient company Cargill. The platform currently supports 15 languages and serves a user base across 13 countries.
It plans to double its customer base by the end of the year, GanChoudhuri said.
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The startup will use the funds to expand platform capabilities, as well as scale up and increase its existing global customer base globally.
The company has 30 employees across India and Singapore and will grow that by 3x in the next 12 months, he said.
“Ai Palette’s multilingual platform gives granular level insights on the current as well as future consumer trends,” said Roopan Aulakh, managing director, pi
Ventures.
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