Tastewise launches AI-Powered food intelligence platform. The platform enables food and hospitality Industries to get ahead whenever culinary preferences change.
Google executives Alon Chen and Eyal Gaon started Tastewise in April 2017. Their goal is to accelerate and democratize a $5.75 trillion industry.
Many adventurous eaters constantly search for new food experiences, while prioritizing health, according to Chen.
Tastewise gathered $1.5 million from Israeli-based Pico Venture Partners to provide critical business insights to enable hotels, restaurants and food brands to stay ahead of the curve.
“Big data is transforming big industries. As the food industry is undergoing immense changes, we are excited that Tastewise has the power to drive the transformation in decision making,” says Tal Tochner, Director of Pico.
AI-powered
Artificial Intelligence allows the food industry to be aware of the constantly changing tastes and dietary needs of consumers. The platform leverages machine calculates future culinary trends.
“In this new environment, all CPGs and restaurants whatever their size have to become as dynamic as food trucks and pop-ups. Tastewise provides the freshest analytics to help them stay at the forefront,” says Chen
Restaurants can efficiently adapt, serve and market their offerings both local and international. The platform leverages machine learning to calculate future culinary trends. It analyzes billions of critical food and beverage consumer touch points.
People’s real-life interactions with food are analyzed through photos shared every month. Recipes and restaurant menus across the US will be analyzed as well.
The market
Over 1 billion food photos are shared every month. Posts include over 150,000 restaurant menus and 1 million online recipes across the United States.
Tastewise is already working with restaurants and food brands to pinpoint market opportunities, consumer likes and dislikes, new ingredients and to quickly meet trending needs.
The company released a Consumer Food Trends Report. A huge market for healthy food came out in the report.
Key trends include:
Zhoug is the new sriracha.
There is $9 Billion demand for healthy food in restaurants across the US.
There’s a 246% gap in demand for vegan food in Boston, translating to $41.9M.
Denver craves fitness-related food — with a 325% gap in unmet demand, translating to $33.5M.
San Antonio faces a 767% unmet demand for hand-crafted food, translating to $362M.
Philadelphia wants more organic options — with a 387% gap in unmet opportunity, translating to $53M.
Spam musubi, bone marrow, ube, and truffles are becoming mainstays in American menus.
From 2017-2018, restaurant hopping grew by 160%.
Tastewise collaborates
Tastewise looks to help keep up with today’s heightened culinary consciousness. Associated trends and super food cycles significantly impacts global diet.
Traditional methods such as surveys and focus groups struggle to keep up with the fast-paced market. The food industry then struggles to meet its demands. Restaurant menus were changed every couple of years, new dishes now replace existing ones every couple of months.
Tastewise collaborates with restaurants and members of the food industry to bring an AI-based approach to discovering trends. The industry becomes more dynamic as consumers can dictate and producers can supply adequately.
Pure Grey Culinary Concepts Hospitality Group VP Guy Heksch said collaborating with Tastewise allowed them to transform their strategy and decision making. The Marriott-owned company benefits from real-time industry data and predictive analytics.
“Diving far deeper than simply understanding consumer preferences, their insights help us select target audiences, catch micro-trends as they sweep from neighborhood to state level and design menus to suit our guests,” Heksch added.
Tastewise innovates
The platform pinpoints exact details such as pinpointing exactly what it takes to concoct a sensational cocktail. Tastewise brings science to the art of creating innovative food experiences rendering faster action than before.
“Their technology is a complete game changer for us, and I suspect it will be for the hospitality industry as a whole.” – Guy Heksch
AI technology is taking over the food industry just like this robot bartender.
