An AI startup from Singapore aims to revolutionize the 100-year-old market research sector.

• Singapore startup Ai Palette upending 100-year-old market research industry.
• Capable of predicting trends and assisting in the development of region-specific products, including calamari-flavored cereal.
• Has attracted food and beverage giants such as Nestlé, Pepsico and Kellogg.

Artificial intelligence is aiming to disrupt a 100-year-old industry.

Since the 1920s, American psychologist Daniel Starch has been researching ways to attract consumers to buy packaged goods.

The global market research industry is valued at $87.7 billion and is projected to increase by $15 billion in the next four years, with artificial intelligence being a significant driving force. One company aiming to lead that change is Ai Palette.

The startup, founded in Singapore in 2018, offers AI-powered market research with real-time predictive analytics. Its competitors include ZoomInfo Sales, Trajaan, and Brandwatch Consumer Intelligence, all of which use various technologies to analyze consumer data and marketing trends.

Ai Palette's platform, which has been operational for four years, utilizes over 61 billion data points from 24 countries to generate new brand concepts based on market trends, revolutionizing the traditional approach to market research.

Ai Palette's co-founder and CEO, Somsubhra Gan Choudhuri, stated that AI can handle a significant amount of cognitive work typically performed by individuals.

"Our platform will provide a company with recommendations on the type of juice to launch and how to position it for success in the Thai market, as stated by the speaker on CNBC's "CNBC Tech: The Edge.""

He stated that they identify the latest food trends by utilizing the power of artificial intelligence through analyzing large data sets related to food.

Prior to establishing Ai Palette, Choudhuri was employed in the fast-paced consumer goods sector.

Firms are struggling to keep up with rapidly evolving consumer preferences and cannot accurately forecast popular trends from one year to the next, as stated.

Choudhuri stated that he discovered AI and machine learning, and as he delved deeper into the subject, it became clear to him that it would only be a matter of time before AI affected every industry.

Big manufacturers jump on board

Ai Palette's technology can predict the future trajectory of a trend by analyzing up to 39 factors.

Some of the world's major food and beverage brands, including Coca-Cola, Pepsi, and Nestle, have caught the attention of the public.

Ai Palette helps Symrise analyze data from various sources, including social media and online reviews, to create a single analysis for the manufacturer to interpret.

Pringles, a globally recognized food brand, utilizes Ai Palette to comprehend snack preferences in four distinct markets. This technology has facilitated the launch of localized products in emerging markets such as Thailand and Indonesia.

Meanwhile, the cereal giant utilized Ai Palette during the Covid-19 pandemic to analyze online content from Malaysia, the Philippines, Singapore, and Thailand in four languages. As a result, the cereal manufacturer identified popular recipes for breakfast foods and incorporated them into a new cereal, such as crispy calamari flavor.

Although technology has advanced, conventional techniques continue to be utilized, according to Conor Delahunty, vice president for Global Sensory & Consumer Insights at Symrise.

Despite the advancements in automation and technology, one crucial element remains out of reach.

Our artificial intelligence is not capable of tasting the product, so we must still do it ourselves, said Delahunty.

Public and private backing

As AI technology advances, so does the interest of investors in the field. 500 Global, a venture capital firm, invests in entrepreneurs who are developing groundbreaking companies. They have supported over 2,900 startups with a combined portfolio valuation of over $300 billion.

Vishal Harnal, the global managing partner of 500 Global, is targeting startups that concentrate on a specific sector and address major issues that no one is currently paying attention to.

Ai Palette ticked his boxes for an investment.

Choudhuri stated that what the companies truly appreciated was our attempt to disrupt the traditional CPG industry, which has been slow to change.

The Singapore government, in addition to VC investors, has provided more than three quarters of a billion Singaporean dollars ($7,500,000) to support AI development and enhance its AI ecosystem.

In March, the startup raised $5.7 million in a funding round to expand its AI insights tool and introduce a new "FoodGPT" chatbot.