Spoonshot, a food science company using AI to predict consumer taste and food trends announced a seed investment of of $1M led by SRI Capital. As the company stated, they will use the funding amount to fuel growth plan and further grow its proprietary technology and team.
The startup founded by Kishan Vasani and Sai Sreenivas Kodur has raised $1.8M to date, including this round. Spoonshot was backed by Techstars (Farm To Fork) in its pre-seed round.
“With the backing and expertise of our new investor, we’re truly excited about this next phase for Spoonshot,” said Kishan Vasani, Spoonshot Co-Founder and CEO. “Despite challenging global economic conditions, we’ve proved that our frontier technology and rich insights are invaluable to CPG companies who still need to innovate but with increased agility and focus.
Since publicly launching its product in October 2019, Spoonshot has signed a wide range of global food and beverage giants as well as category leaders across the US, UK, and Australia, which are Spoonshot’s key markets.
“The food industry is under tremendous pressure to innovate smarter than ever before as consumer demands become more sophisticated, especially amid the current economic and health crisis,” stated Doc Parghi, Managing Partner at SRI Capital. “Spoonshot solves this problem by providing deep intelligence at speed about consumer needs and lays out a product development roadmap at both a strategic and tactical level. We are delighted to back Kishan and Sai’s vision as they build the market leader in this emerging space.”
By processing billions of diverse data points spread across 12,000+ sources in the domain of food, Spoonshot focuses on long-tail data as a means of detecting stronger leading indicators of trends. These data sources include food science research, food communities, niche e-commerce portals, media platforms, and data on millions of CPG products, restaurant menus, and recipes.
Vasani shared that Spoonshot provides customers with meaningful data so they can understand emerging trends, identify competition, and create products that consumers want.
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Srishti currently works as Associate Editor at Analytics India Magazine. When not covering the analytics news, editing and writing articles, she could be found reading or capturing thoughts into pictures.