Tin Men Capital Invests US$4M in Ai Palette

Official Press Release: Singapore-based VC announces investment in B2B AI and Machine Learning startup to digitise the Consumer Packaged Goods (CPG) industry

SINGAPORE, 6 March 2024 - Tin Men Capital, a Singapore-based venture capital firm with a focus on B2B software startups announces a US$4 million investment in Ai Palette, a tech startup which enables Consumer Packaged Goods (CPG) companies to create consumer-winning products using Artificial Intelligence (AI) and Machine Learning. Tin Men Capital’s injection will complete a total of US$5.8M in this Series A1 funding round. 

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Headquartered in Singapore with offices in USA and India, Ai Palette’s multimodal AI-powered platform caters to the CPG industry with specialisation in 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 optimisation and product repositioning. 

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

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“We're excited and definitely looking forward to working together with Tin Men Capital. The expansion into the Beauty & 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 prioritise customer-centric strategies without the hassle of time consuming data sourcing or potentially investing in redundant research that may not yield successful results. Our goal is to streamline the entire journey from concept to launch, positioning Ai Palette as the go-to choice for CPG brands. With this investment, we're primed to expand our market reach significantly and enhance our team with top-tier talent," shared Somsubhra GanChoudhuri, CEO and Co-Founder of Ai Palette. 

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With a mission to invest in the future of businesses, Tin Men Capital focuses on B2B software startups which are able to digitise 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.

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“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 revolutionise traditional processes. Their solutions materially shorten product development timing for the CPG industry by as much as 6 months. The unique application of Generative AI also removes bias while enabling enterprise clients to drastically improve success rate of product development and maximise 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.” mentioned Jeremy Tan, Co-Founder of Tin Men Capital. 

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Some of Ai Palette’s clients include world-leading CPG enterprises in the F&B industry, including Fortune 500 giants such as Nestle, Danone and Kellogg’s. 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 APAC region along with supercharging its Generative AI capabilities, particularly with their widely recognised FoodGPT offering. 

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