India-based startup Fountain9, an innovative AI-led startup in the predictive inventory planning space, raised US$ 1.9 million in seed funding round on 7 July 2021.
Investors: 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 German investment firm Blue Impact Ventures.
Purpose of the funding: The funds raised will be utilized by the startup to enhance the intelligence of its demand sensing engine, strengthen its product offerings and expand into other countries.
About Fountain9
Founded in 2019 by two former Google employees Niki Khokale and Rajas Lonkar, Fountain9 offers predictive inventory planning and optimization solutions for CPG and retail. Its flagship product, Kronoscope uses AI to predict future inventory imbalances accurately which lead to out-of-stock situations or wastage. The AI recommends the best ways of minimizing their impact. Kronoscope takes into account several factors like historical sales trends, seasonality, holidays, markdown events and pricing changes for predicting future inventory requirements and price optimization.
Fountain9 is currently focusing on brands in the F&B, e-commerce and retail space in India. It believes that most food & beverages companies (F&B) are looking to grow rapidly while ensuring that they are reducing their environmental impact. Fountain9 is on a mission to help such F&B businesses transform their inventory operations in a smarter way.
Moreover, the pandemic has caused huge shifts in supply chains. The uncertainties related to the demand and supply side have made traditional planning processes obsolete. Fountain9 is providing solutions to F&B and retail organizations looking for end-to-end automation solutions, helping them to achieve accurate and agile demand and inventory planning.
What the CEO has to say: “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,” said Niki Khokale, co-founder and CEO, Fountain9.
What the investors have to say: “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.” — Sailesh Tulshan, Founder, 021 Capital.
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