UK-based GlobalData Plc has acquired Singapore’s AI Palette to boost AI-driven consumer insights in the consumer packaged goods (CPG) industry, though the deal amount hasn’t been disclosed.
This acquisition is part of GlobalData’s plan to strengthen its AI capabilities and expand its presence in the CPG sector. AI Palette will benefit from GlobalData’s resources, advanced analytics and global network.
By combining AI Palette’s AI and machine learning skills with it’s data infrastructure, the two companies aim to provide deeper, more actionable insights to their clients.
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Mike Danson, CEO of GlobalData, stated that integrating AI Palette will greatly improve their ability to help CPG brands innovate more effectively.
Founded in 2018 by Somsubhra GanChoudhuri and Himanshu Upreti, AI Palette offers an AI-powered platform for the consumer packaged goods (CPG) industry, covering sectors like food and beverage (F&B), beauty and personal care, and nutraceutical products.
The platform helps identify emerging consumer trends in real time and quickly generates and evaluates product ideas. This boosts the efficiency and cost-effectiveness of developing new products expanding product lines, exploring new market opportunities, optimizing portfolios and repositioning products.
AI Palette works with global F&B and personal care companies, helping them stay competitive in a fast-changing market.
The platform uses patented AI technology and a CPG data lake containing 61 billion data points, offering consumer insights in 18 languages across six continents. Last year, the Singapore-based AI Palette raised $4 million in equity financing from Tin Men Capital.
About GlobalData
GlobalData offers data analytics, market intelligence, and industry insights. With operations in over 25 countries, a market value of more than £1.4 billion (US$1.8 billion), and a team of over 3,600 employees, GlobalData helps businesses make informed decisions and achieve sustainable growth.
