Singapore-based tech startup Ai Palette has secured a total of $5.8 million in a Series A1 funding round.

Tin Men Capital, a Singapore-based venture capital firm with a focus on business to business (B2B) software startups, has announced a $4 million investment in the company, Ai Palette said in a statement on Wednesday.

With the injection of fresh funds, Ai Palette is looking to expand further into the Beauty and personal care and nutraceutical categories which began development in November 2023 and to fuel their global expansion in North America, Europe and Asia Pacific (APAC) region along with supercharging its generative AI capabilities, particularly with their widely recognized FoodGPT offering.

“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.

Headquartered in Singapore with offices in United States and India, Ai Palette is a tech startup which enables CPG companies to create products using artificial intelligence (AI) and machine learning.

Its multimodal AI-powered platform caters to the CPG industry with specialization in food and beverage (F&B), beauty and personal care, and nutraceutical products.

The platform enables real-time identification of emerging consumer trends with contextual understanding, generates and screens product ideas within minutes, therefore, is able to drastically improve the costs and efficiency associated with development of new product category entries, product line expansion, identification of new demand spaces, portfolio optimization and product repositioning.

Ai Palette’s patented technology is able to identify emerging trends across 61 billion data points collated from 150+ data sources in real time, uncovering consumer drivers and motivations, and helping in creating product concepts and validating them to address unmet consumer needs.

It utilizes a Natural Language Processing algorithm that can also understand 18 different languages including Asian languages.

Some of Ai Palette’s clients include CPG enterprises in the F&B industry, including firm such as Nestle, Danone and Kellogg’s.

“Ai Palette’s solution is a classic example of a masterful blend of cutting-edge technology and an acute understanding of customer pain points to revolutionize traditional processes,

“Their solutions materially shorten product development timing for the CPG industry by as much as six months,” said Jeremy Tan, Co-Founder of Tin Men Capital.

According to him, the unique application of generative AI also removes bias while enabling enterprise clients to drastically improve success rate of product development and maximize revenue through speed to market.

“We are excited to have the opportunity to back Ai Palette in setting a new benchmark for enterprise grade solutions that will position them as a leader in the future of
CPG development,” he added.

Tin Men Capital is a Singapore-based venture capital firm
led by Singapore citizens Murli Ravi (formerly at Temasek Holdings and JAFCO) and Jeremy Tan (formerly at Morgan Stanley and Puma Energy).

The firm invests in industrial technologies and automation opportunities that are coming to the fore in South-East Asia spanning segments such as smart cities, security, manufacturing, agriculture, transportation and supply chain, retail enablement, travel and tourism, and enterprise productivity.

With a mission to invest in the future of businesses, the firm focuses on B2B software startups which are able to digitize and reinvent traditional industries.

Beyond capital investments, Tin Men Capital will be working with Ai Palette to provide strategic referrals, operational advisory and founders support to uncover more growth opportunities.

Tin Men’s portfolio companies include Hubble, Zipline, GlobalTix, Overdrive, SixSense and Manuva.

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