Tastewise raises $17m in Series A funding round

Tastewise – an Israeli artificial intelligence (AI) data platform for the food and beverage industry – has secured $17 million in a Series A funding round, bringing the company’s total funding to date to $21.5 million.

The round was led by Disruptive AI, which joins existing investors including PeakBridge and PICO Venture Partners. Tastewise says it will use the funds to expand into new geographies, including Canada, Australia, Germany, France and India.

Founded in 2017, Tastewise offers access to data-driven solutions for new product development, marketing and food services sales. The company helps food companies discover new flavours and product ideas, develop marketing content and find sales opportunities within the restaurant and retailer sectors “by fusing billions of data points across social media, recipes and restaurant menus”.

Tastewise’s customer base includes global food and beverage companies such as Nestlé, PepsiCo, Kraft Heinz and Campbell’s, as well as industry start-ups like JustEgg.

Izhar Shay, venture partner at Disruptive AI, said: “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”.

He continued: “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. Our investment in Tastewise’s mission will help create endless opportunities for the entire industry, from major brands to small newcomers, to change the market fundamentally through data-backed innovation.”

Alon Chen, co-founder and CEO of Tastewise, added: “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 – and 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.”

He added: “This latest round of investment in Tastewise will enable us to take our cutting-edge technology to more players in the market as we work together to create a healthier, tastier and more sustainable industry”.