AI Palette co-founders Himanshu Upreti (CTO) and Somsubhra GanChoudhuri (CEO)
In a move set to strengthen AI-driven consumer insights within the consumer packaged goods (CPG) industry, UK-based GlobalData Plc has acquired Singapore-headquartered AI Palette for an undisclosed sum.
The acquisition aligns with GlobalData’s strategy to enhance its AI capabilities and expand its reach in the CPG industry. It will allow AI Palette to utilise GlobalData’s extensive resources, advanced analytics, and global reach.
By combining AI Palette’s AI and machine learning capabilities with GlobalData’s robust data infrastructure, the companies aim to deliver deeper, more actionable insights to their clients.
According to Mike Danson, CEO of GlobalData Plc, integrating AI Palette will significantly enhance their ability to assist CPG brands in innovating more efficiently.
Also Read: How AI Palette wants to help CPG companies develop products faster and easier with AI
Founded in 2018 by Somsubhra GanChoudhuri and Himanshu Upreti, AI Palette provides a multimodal AI-powered platform for the CPG industry, including F&B, beauty and personal care, and nutraceutical products.
The platform enables real-time identification of emerging consumer trends with contextual understanding and generates and screens product ideas within minutes. This improves the costs and efficiency of developing new product category entries, product line expansion, identification of new demand spaces, portfolio optimisation and product repositioning.
The company serves global food and beverage (F&B) and personal care companies, helping them maintain a competitive edge in a dynamic market.
AI Palette’s platform uses patented AI technology and a CPG data lake of 61 billion data points, offering consumer insights in 18 languages across six continents.
Last year, the Singaporean startup raised US$4 million in equity financing from Tin Men Capital.
GlobalData provides data analytics, market intelligence and industry insights. With a presence in over 25 countries, a market value exceeding £1.4 billion (US$1.8 billion), and a global workforce of over 3,600, GlobalData equips businesses with the tools and knowledge necessary for informed decision-making and sustainable growth.
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