TEL AVIV, ISRAEL — Tastewise, an artificial intelligence-powered platform that helps food brands bring products to market based on consumer data, raised $17 million in a Series A funding round.
Using proprietary AI and the food and beverage industry’s largest available dataset, Tastewise works with food brands, manufacturers, ingredient companies and flavor houses to enhance new product development, build marketing strategies and accelerate sales in retail and restaurants. Its broad customer base spans Fortune 500s like Nestle, PepsiCo, Kraft Heinz and Campbell Soup Co. to industry newcomers like Just Egg.
The Tel Aviv-based company will use its latest funding to expand into new markets, including Canada, Australia, Germany, France and India. The Series A round was led by Disruptive AI, an Israeli venture capital fund specializing in artificial intelligence startups, with participation from existing investors PeakBridge and PICO Venture Partners. It brings Tastewise’s total funding to $21.5 million.
“We're incredibly excited to partner with Tastewise because of the tremendous impact they have already demonstrated on the food and beverage industry and the potential we see for AI to become a key ingredient in the industry's resilience in the foreseen future,” said Izhar Shay, former Israeli Minister of Science and Technology and a venture partner at Disruptive AI. “So much of what we eat and drink may change over the next decades, and Tastewise is positioned to help the world's most significant food and beverage brands build the future of this huge market.”
Tastewise has provided data-driven solution for new product development, marketing and foodservice sales since launching in 2017. The company accurately predicted the rise of several trends that have influenced eating and drinking during the COVID years, including the rise of health as a driver for plant-based products, the rise of functional health and the rise of digitalization on how, when and what people eat.“The way people choose what to eat and drink is transforming in the face of the global pandemic, climate change, new technologies and increased interest in health,” said Alon Chen, co-founder and chief executive officer at Tastewise. “Everything we eat in the near future will be fundamentally different. Tastewise is uniquely positioned to help the food and beverage industry forge this new reality.”