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Nikita Puri · · 5 min readSG firm uses AI to help FMCG clients create new products
We don’t often think of where our favorite snack flavors come from. For instance, where did FMCG giant Pringles get the idea for its two new flavors: smoky barbeque and cheesy garlic?
Singapore-based Ai Palette, an AI-powered predictive analytics SaaS platform, combed over billions of data points to help Pringles come up with those flavor profiles.
Ai Palette used to help food and beverage firms speed up product development using its concept screening tool, Screen Winner, and its AI-powered insights platform, Foresight Engine. In March 2023, the firm added a new tool to its offerings: Concept Genie.
Ai Palette’s leadership team / Photo credit: Ai Palette
“With Concept Genie, the process of innovation, from generating a concept to testing it, can be done in 15 minutes,” says Somsubhra GanChoudhuri, co-founder and CEO at Ai Palette. “Traditionally this process could take three to six months because people have to go through multiple iterations to get here.”
Though Concept Genie has only been around for a short time, GanChoudhuri says that a client in the dairy and confectionery business in Europe is already using the tool to launch a new product.
Given how quickly things are moving in the field of generative AI, the company has developed another tool that it’s likely to launch at the end of July. Called FoodGPT, the solution is going to be the biggest large language model in the food and beverage industry, the company claims.
Ai Palette, which is also working to expand into the beauty and personal care space, has recorded decent numbers so far.
“We’ve more than doubled our revenues in the last 12 months,” shares the CEO. He didn’t give specific details on the firm’s revenue, however.
The business of lowering risks
“When FMCG companies are putting a lot of investment into launching a new product, they want to decrease the risk as much as possible,” says GanChoudhuri, adding that generative AI tools have made companies feel safer about taking these risks.
Ai Pallete’s business is built on an annual subscription model. “A lot of our customers are multinational firms, and they use it across multiple geographies in Asia, Europe, and Africa,” shares the CEO.
The firm’s clients include FMCG brands like Diageo, Danone, Cargill, and Kellogg’s as well as Olam Food Ingredients (OFI).
Ai Palette’s solutions are available in 16 languages, with English and Spanish being the most popular.
The firm was founded in 2018 by GanChoudhuri and Himanshu Upreti.
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SaaS platform Ai Palette now has two generative AI products to help clients in the F&B and personal care space speed up their product development.
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