Israeli AI-powered food trends prediction and intelligence startup Tastewise has announced today that it has raised $5 million in a Series A financing round led by PeakBridge, an investment firm specializing in FoodTech. Last year Pico Venture Partners provided Tastewise $1.5 million in seed funding, bringing the company’s total funding to $6.5 million to date.
The funds will be used to further develop Tastewise’s AI technology, focused on understanding human interactions with food, such as the motivations behind why people select and prefer certain foods over others. By breaking down data to the specific functions that interest consumers, Tastewise not only knows what foods are trending, but why. With the platform expansion, Tastewise will further train its AI to comprehend the deep human motivation around food trends, with insights that will shape the future of the industry.
The company was founded by Alon Chen and Eyal Gaon.
Chen said, "We’re looking forward to deepen the understanding of consumer needs and trends by using AI that comprehends human behavior around eating and drinking. We are delighted to partner with PeakBridge’s team of experts and executives from Nestlé, Mars, Pepsi and Sequoia Partners, as we build toward creating a smarter, better food industry powered by AI and food intelligence."
"We’re dedicated to supporting companies that are focused on high-impact foodtech insights and solutions, like Tastewise, as they expand their AI platform development to gain deeper insights about trends that will change the future of the food industry," said Erich Sieber, PeakBridge’s Founder and Managing Partner. "As FoodTech investors, we’ve evaluated hundreds of companies’ impact on the market. Tastewise is absolutely a company that is on the path towards revolutionizing the food industry with deep data-based consumer understanding."
Published by Globes, Israel business news - en.globes.co.il - on September 25, 2019
© Copyright of Globes Publisher Itonut (1983) Ltd. 2019