Top executives that helped grow Mu Sigma into one of Chicago's unicorn tech companies have launched a new startup that aims to help consumer packaged goods companies with revenue growth.
On Monday, Shelly Singh, Deepinder Dhingra and Pavan Palety unveiled Samya.AI, a startup that uses artificial intelligence to help CPG brands recapture lost revenue. The startup announced it raised a $6 million seed round led by Sequoia India, the India-based arm of well-known Silicon Valley venture firm Sequoia. Other investors include Ashish Gupta, the founder of Junglee.com, and Deb Henretta the former group president at Procter & Gamble.
Founded in 2019, Samya.AI uses AI and machine learning to help CPG companies recapture revenue growth potential. The global CPG industry loses somewhere between 8-10% in revenue growth potential due to things like supply chain inefficiencies, pricing issues and other problems that arise when scaling a business, Samya.AI says. Samya.AI aims to help companies plug sales leaks and improve growth.
The startup, which is headquartered in Chicago but has offices in London and Bangalore, says it's currently running "proof of value" tests with multiple Fortune 500 companies. It's led by three ex-Mu Sigma executives including Singh, Mu Sigma's former interim CEO, Dhingra, its former head of product, and Palety, the company's former head of regional growth and business development. Mu Sigma, a data analytics company that launched in 2004, reached a valuation of $1.5 billion in 2013 when it raised funding from MasterCard.
"Demand-supply interactions are becoming very unpredictable and vulnerable, resulting in huge lost revenue opportunity. This trend will continue unless addressed proactively, especially when a large number of CPG companies have been facing saturating growth," Singh, the startup's CEO, said in a statement.
