Tastewise, Israel, raised $5 million in a Series A funding round led by PeakBridge, Israel.
The Series A round will be used to further develop Tastewise's artificial intelligence (AI) technology, focused on understanding human interactions with food, such as the motivations behind why people select and prefer certain foods over others. By breaking down data to the specific functions that interest consumers, Tastewise not only knows what foods are trending, but also why.
Tastewise gains actionable insights into real-life interactions with food by analyzing over 1 billion food photos shared every month together with menus from over 180,000 restaurants in the United States. Plans to expand the AI technology platform's visual analysis of images will empower the platform to provide more proactive insights on emerging trends in the culinary industry.
"We're looking forward to deepening the understanding of consumer needs and trends by using AI that comprehends human behavior around eating and drinking," says Alon Chen, co-founder. "We are delighted to partner with PeakBridge's team of experts and executives from Nestlé, Mars, Pepsi and Sequoia Partners, as we build toward creating a smarter, better food industry powered by AI and food intelligence."
"We are dedicated to supporting companies that are focused on high-impact FoodTech insights and solutions, like Tastewise, as they expand their AI platform development to gain deeper insights about trends that will change the future of the food industry," says Erich Sieber, founder and managing partner of PeakBridge. "As FoodTech investors, we've evaluated hundreds of companies' impact on the market. Tastewise is absolutely a company that is on the path toward revolutionizing the food industry with deep data-based consumer understanding."