Get All Access for $5/mo

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.

By Paromita Gupta

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Freepik

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.

Paromita Gupta

Entrepreneur Staff

Features Writer with Entrepreneur India

Covering news and trends in AI and Metaverse segments. An avid book reader running her personal blog on the side. You may reach me at paromita@entrepreneurindia.com. 
News and Trends

"45% of All Ongoing Hydropower Projects in India are Ours": Patel Engineering

Patel Engineering reported a turnover of INR 4,400 crore in the last fiscal year, with a projected 10 per cent growth for the current year.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Science & Technology

5 Rule-Bending AI Hacks to Make Your Mornings More Productive and Profitable

By 2025, AI will transform productivity by streamlining workflows and cutting costs. Major companies like Microsoft, Google, and OpenAI are leading the way, advancing AI into "Phase 3," where tools act as digital assistants. Discover 5 AI hacks to boost efficiency and redefine your daily routine.

News and Trends

IIT Kanpur Launches Hackathon to Empower Startups in Cybersecurity

Startups will pitch their solutions to a panel of industry experts, with selected teams gaining access to incubation support at IIT Kanpur to help bring their ideas to market

News and Trends

5 Things to Know About India's Chess Pride, Gukesh Dommaraju

He is not only inspired by Dhoni but also relies on a coach from Dhoni's cricketing era to help him prepare mentally.