Fountain9, an AI-led startup in the predictive inventory planning space founded by two ex-Googlers, has raised $1.9 million in seed funding. Prominent investors include Binny Bansal backed 021 Capital, Y Combinator, Kunal Bahl and Rohit Bansal backed Titan Capital, US-based new-age VC firm Globevestor, Harvard Seed Fund and climate change mission-driven Geran investment firm Blue Impact Ventures. Marquee Angel Investors – Ex YC partners – Holly Liu, Tracy Young and Carnegie Mellon Alumni, were also part of the round.
A press statement from the company said on Wednesday that Fountain9 focuses on helping F&B businesses transform their inventory operations more smartly with their flagship product Kronoscope. It is an AI-powered inventory optimisation solution that continuously analyses changes in demand patterns to enable its customers to sell more and waste less. The company is currently focusing on brands in the F&B, e-commerce and retail space in India. The funding will enhance the intelligence of their demand sensing engine, strengthen their product offerings and expand into global markets.
Niki Khokale, Co-Founder and CEO, Fountain9, said, “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.”