Innovation That Matters

| Photo source Ai Palette

Using AI for smart consumer product development

Food & Drink

A platform uses AI to generate ideas for new products and predicts which will be most successful

Spotted: How does a brand know what consumers want – the product that will be the ‘next big thing’? It is a question that has faced companies since the beginning of marketing. However, the advent of AI is leading to new opportunities for companies to get a much clearer idea of what customers will want next, and startup Ai Palette is making this even easier with its consumer packaged goods (CPG) platform.

Ai Palette claims its platform can figure out what snacks, drinks, beauty, and personal care products people will love before they even know it themselves. The technology blends predictive analytics, natural language processing, and computer vision to analyse more than 61 billion data points each month, including text, images, and emojis.

The company’s multilingual NLP engine can understand data in 18 different languages. Once a relevant trend has been spotted, brands can use the generative AI-led analysis to create product and marketing concepts and evaluate the concepts in near-real time to find the one that presents the best chance of being a best-seller.

To date, Ai Palette has raised $5.8 million in funding, including a recent Series A1 round. The funding will be used, in part, to further expand in the beauty and personal care and nutraceuticals markets. The company has also recently launched two new product lines — Concept Genie, which assists brands in swiftly generating new product concepts, and FoodGPT, an intuitive Gen AI conversational tool designed specifically for the food industry.

Finding new ideas for consumer packaged goods is just one of the many innovative uses for AI we have seen recently, along with making climate forecasts and detecting cancer.

Written By: Lisa Magloff



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