Pratik BhaktaJanuary 20, 2020 18:25:47 IST
Samya.AI has raised $ 6 million (about Rs 42.6 million rupees) in an initial round of financing led by Sequoia India, the local arm of the US venture capital firm, the artificial intelligence-based company said.
In addition to Sequoia Capital, the financing round also featured the participation of Ashish Gupta, founder of Junglee.com, Deb Henratta, formerly president of the P&G group, Arijit Sengupta, who founded Kradle Ventures, Deborah Kops, former director of marketing at WNS and Sandeep Sugla of MarketsandMarkets, according to a statement.
The startup based in Bengaluru will provide software solutions to companies. It seeks to simplify the demand and supply problems for the packaged consumer goods (CPG) industry through artificial intelligence.
The creation of Shailendra Singh, Deepinder Dhingra and Pavan Palety, who have worked as senior executives at IBM, MuSigma and Noodle.ai, Samya.AI, is aimed primarily at companies in the space of packaged products. Its objective is to rationalize the commercial operations of the global CPG industry, trying to simplify demand and supply operations, according to the statement. He estimates that, on average, these companies lose 8 to 10 percent of their potential income due to unpredictability of demand and supply.
“The interactions between demand and supply are becoming very unpredictable and vulnerable, resulting in a great opportunity for lost revenue. This trend will continue unless proactively addressed, especially when a large number of CPG companies have faced saturated growth, “said Singh, executive director of Samya. AI.
The startup, with offices in Chicago, London and Bangalore, has identified legacy systems and lack of coordination between different teams as the main problem facing the sector. Macroeconomic factors, consumer preferences and weather conditions add to the problem.
Samya.AI would try to use data science and analysis to create software modules to help companies improve their work efficiency “tenfold,” the company said.
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