Singapore foodtech firm Ai Palette raises $1m from Decacorn, SGInnovate, others

Singapore-based foodtech startup Ai Palette banked S$1.5 million (roughly US$1.1 million) in a seed round led by cross-border venture funding initiative Decacorn Capital.

Government-owned SGInnovate, Silicon Valley agritech-focused VC firm AgFunder, existing investor Entrepreneur First, and industry professionals from US and Swiss food brands also participated in the round.

(L-R) AgFunder founding partner Michael Dean, Ai Palette co-founder and CTO Himanshu Upreti, Decacorn Capital founding partner Debneel Mukherjee, Ai Palette co-founder and CEO Somsubhra GanChoudhuri, Decacorn Capital analyst Louis Low, Decacorn Capital managing director Abhijit Banerjee / Photo credit: Ai Palette

Ai Palette helps food and beverage manufacturers craft and launch new products through predictive analytics, natural language processing, and image recognition. Founded in 2018, it claims to already be “into revenue,” with contracts from several Fortune-listed fast-moving consumer goods firms, it said in a statement.

It plans to use the proceeds from the funding round mainly to grow key customer accounts through strengthening the capabilities of its platform.

“Our product is designed for global relevance and we are glad to have Decacorn Capital, whose cross-border reach can help us gain traction, especially across Europe and the US,” said Ai Palette co-founder Somsubhra GanChoudhuri.

Currency converted from Singapore dollar to US dollar: US$1 = S$1.39.