Ai Palette, a Singapore-based startup that uses machine learning and artificial intelligence to predict trends for food companies, announced it has raised $1.45 million Singapore dollars (~$1.1M USD) in seed funding. The blog e27 reported the news first, writing that the funding round was led by Decacorn Capital with participation from the Singapore government’s SGInnovate and AgFunder as well as existing investor Entrepreneur First.
According to Ai Palette’s website, the company uses “Artificial Intelligence and Machine Learning to draw insights from millions of data points to identify consumer needs in real time and combine it with the brand personality to create winning food product concepts.”
Using machine learning and AI to help food and CPG companies capitalize on emerging trends is an already crowded field. Companies like Spoonshot, Analytical Flavor Systems, Tastewise and Halla all use various implementations of machine learning and AI in this capacity.
The goal for all of these companies is to speed up the R&D process for food producers. The sooner a food trend can be spotted, the faster the process can be to get it to market. Additionally, AI allows companies to suck up even more data to provide more granular predictions based on things like regional preferences, or even come up with new flavor combinations that might not ordinarily be tried.
Ai Palette says it will use its new funding to scale up development and grow out its customer base across multiple markets.