Latest News | Fountain9 Raises $1.9mn Funding from 021 Capital, Y Combinator and Others

New Delhi, Jul 7 (PTI) Fountain9, an AI-led startup in the predictive inventory planning space, on Wednesday said it has raised USD 1.9 million (over Rs 14 crore) in funding from Binny Bansal-backed 021 Capital, Y Combinator and Kunal Bahl and Rohit Bansal backed-Titan Capital.

US-based VC firm Globevestor, Harvard Seed Fund and Blue Impact Ventures, along with angel investors - Holly Liu, Tracy Young and Carnegie Mellon Alumni - were also part of the seed round, a statement said.

Fountain9 focuses on helping F&B businesses transform their inventory operations in a smarter manner with its flagship product, Kronoscope.

The product 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 be used to enhance the intelligence of their demand sensing engine, strengthen its product offerings and expand into global markets, the statement said.

"Globally, about USD 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," Niki Khokale, co-founder and CEO of Fountain9, said.

Kronoscope's demand sensing is capable of predicting short and long-term demands with great precision to ensure businesses generate maximum return on investment (ROI) with minimum stock wastage, Khokale added.

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