Singapore-based foodtech startup Ai Palette has secured $1.04 million in a seed funding round led by venture capital firm Decacorn Capital, the company announced on Friday.
SGInnovate, Silicon Valley-based venture capital firm AgFunder, other individual investors, and existing investor Entrepreneur First also participated in the funding round.
Ai Palette uses artificial intelligence to help food and beverage manufacturers develop and launch new products. The startup will use the funding proceeds to develop key customer accounts across multiple markets by fast-tracking product development to strengthen the platform.
“Our product is designed for global relevance and we are glad to have Decacorn Capital, whose cross border reach can help us gaining traction, especially across Europe and the USA,” said Ai Palette co-founder Somsubhra GanChoudhuri in a statement.