Fountain9, an AI-led startup, has announced that it has raised $1.9 million in the seed funding round. The round saw participation from 021 Capital, Y Combinator, Titan Capital, Kunal Bahl, Harvard Seed Fund, US-based Globevestor, and Blue Impact Ventures.
Speaking on the new investment, Niki Khokale, Co-founder and CEO at Fountain9, stated, “Globally, about $260 billion worth of food gets wasted because inventory decisions worth millions of dollars are still made using spreadsheets and heuristics. Inventory planning in the food space comes at an environmental cost and such wastage can be prevented with better prediction of future demand. Kronoscope’s state of the art demand sensing is capable of predicting short and long-term demands with great precision to ensure businesses generate maximum ROI with minimum stock wastage.”
Sailesh Tulshan, Founder of 021 Capital, commented, “We are excited with the vision of Fountain9 and their execution abilities to create truly agile supply chains in the CPG space. Our partnership will support them to further innovate, expand to global markets, and create superior solutions that enable accurate decision-making and reduce environmental impact.”
Dr Rakesh Sinha, former Global Supply Chain Head of Godrej CP and Fountain9’s close advisor, added, “Most companies face stock out losses because they follow rigid inventory planning processes and that hampers their ability to adapt quickly to changes on demand or supply side. This is where Fountain9’s solution Kronoscope brings a very unique combination of best in class demand sensing and inventory planning using fundamentals of TOC principles to enable their customers to be more agile, plan frequently and adapt quickly.”
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