AI Palette, which uses AI to help CPG brands predict consumer preferences before market trends and better predict new product success throughout their lifecycle, has announced that it has been acquired by market research firm GlobalData.
AI Palette has begun using machine learning and big data analysis tools along with a cohort of startups such as the analytical flavor system, TasteWise and Spooshot. These tools allow CPG brands to move away from traditional product ideas and research, and have discovered hidden insights more quickly through AI. Like many similar startups, the AI Palette has begun talking about generative AI BONA FIDE over the past few years.
“The integration of AI palettes goes beyond our ability to help CPG brands innovate smarter and faster,” says Mike Danson, CEO of GlobalData Plc. “Together, we are setting new standards for AI-driven intelligence in the consumer space.”
In some respects, the deal is similar to the acquisition of Spoonshot, about a year before legacy market intelligence provider Target Research Group acquired the AI startup. GlobalData PLC is a company that focuses more on pure data analytics than its target, but has grown primarily through acquisitions. From what I can see, the AI Palette represents GlobalData’s first pure Pure-Play AI Company transaction.
Acquisitions of vertically specialized platforms may continue over the next 12-24 months as most major food brand CTOs are currently under investigation or directed to leverage AI. Consultants and market intelligence providers will likely lead this trend, as incorporating AI into their intelligence toolset is essential to stay relevant.
