Pratik BhaktaJan 20, 2020 18:25:47 IST
Samya.AI has raised $ 6 million (around Rs 42.6 crore) in a seed round of funding led by Sequoia India, the local arm of the American venture capital firm, the artificial intelligence-based company has said.
Besides Sequoia Capital, the funding round also saw the participation of Ashish Gupta, founder of Junglee.com, Deb Henratta, previously group president at P&G, Arijit Sengupta, who founded Kradle Ventures, Deborah Kops, formerly chief marketing officer at WNS, and Sandeep Sugla of MarketsandMarkets, a release said.
The Bengaluru-based startup will provide software solutions to corporates. It is looking to simplify demand and supply issues for the consumer packed goods (CPG) industry through artificial intelligence.
The brainchild of Shailendra Singh, Deepinder Dhingra and Pavan Palety, who have worked as top executives at IBM, MuSigma and Noodle.ai, Samya.AI is targeted primarily at the companies in the packed goods space. It aims to streamline business operations of the global CPG industry, attempting to simplify demand and supply operations, the release said. It estimates that on an average these companies lose 8 to 10 percent of their potential revenue because of the unpredictability of demand and supply.
“Demand-supply interactions are becoming very unpredictable and vulnerable, resulting in huge lost revenue opportunity. This trend will continue unless addressed proactively, especially when a large number of CPG companies have been facing saturating growth, ”Samya.AI chief executive officer Singh said.
The startup, with offices in Chicago, London and Bengaluru, has identified legacy systems and a lack of coordination among different teams as the major issue facing the sector. Macro-economic factors, consumer preferences and weather conditions add to the problem.
Samya.AI would attempt to use data science and analytics to build software modules to help companies improve their working efficiencies “by ten times”, the company said.
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