Spoonshot Will Use Funds for Customer Growth And On Its Proprietary Technology Platform
Minnesota, 09. 08, 2020 — Spoonshot, a company that leverages AI with food science to predict emerging food and beverage trends, today announced a seed investment of $1M led by SRI Capital. The financing will be used to fuel Spoonshot’s growth plan and for further investment in its proprietary technology and team. The startup was launched by co-founders Kishan Vasani and Sai Sreenivas Kodur.
“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,”
“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.”
Spoonshot has raised $1.8M to date, including this round. 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.
By processing billions of diverse data points spread across 12,000+ sources in the domain of food, Spoonshot, which was backed by Techstars (Farm To Fork) in its pre-seed round, specifically 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.
“By capturing food innovation in real-time we provide our customers with meaningful data so that they can understand emerging trends, identify competition, and create products that consumers want tomorrow,” added Vasani.
Spoonshot delivers food and beverage innovation intelligence by leveraging AI and food science. Our insights reveal the future of food through a deep understanding of emerging and evolving consumer and market needs, enabling us to accurately predict trends and uncover innovation opportunities.
About SRI Capital:
SRI Capital, based in Philadelphia, PA, is an early-stage venture capital firm focused on funding innovative startups primarily in the US and in India.