**London**: The consumer packaged goods sector is evolving as platforms like Keychain streamline sourcing processes, enabling brands to connect with manufacturers efficiently. With $38 million in funding and a strong European launch planned, Keychain aims to redefine global supply chain management through AI technology.
The consumer packaged goods (CPG) industry is currently experiencing a substantial transformation as companies seek more efficient methods for sourcing ingredients and packaging materials. Historically, brands and retailers have depended on trade shows and intermediaries to connect with manufacturing partners—a process often characterised by high costs and prolonged timelines. However, the advent of AI-driven platforms is facilitating these connections, effectively reducing inefficiencies and making global supply chains more accessible and economical.
One notable player in this evolving landscape is Keychain, an AI-enhanced database designed to link brands, retailers, and manufacturers. With a dynamically growing network comprising over 30,000 manufacturers and 20,000 brands and retailers, Keychain is set to redefine the manner in which entities within the CPG sector engage potential production partners. Recently, the company successfully secured $5 million in funding from Bright Pixel Capital, the venture capital branch of the European retail conglomerate Sonae, which will support its expansion into the European market.
Keychain was co-founded by Oisin Hanrahan, who serves as CEO, alongside Umang Dua and Jordan Weitz, all of whom previously developed and sold the home services platform Handy to ANGI Homeservices. Identifying significant inefficiencies in the traditional CPG supply chain, they grasped an opportunity to digitally revolutionise the connection process between brands and manufacturers.
“There are easily 200 to 300 trade shows a year for manufacturers,” Hanrahan told TechCrunch. “One has 70,000 people go to it. Brands and retailers spend a fortune trying to interact, and there’s no digital product for this. We’ve probably spent $3 million on building the data asset, and I think we’re probably 10x to 15x more efficient because of our ability to use AI.”
By utilising AI and large-scale data analysis, Keychain offers real-time insights that aid brands in swiftly locating suitable suppliers at a reduced cost. The platform’s model further eradicates the role of brokers, who have historically capitalised on the information gap within the supply chain, thereby inflating costs for brands.
Since its inception, Keychain has witnessed considerable uptake among brands and manufacturers. Currently, the platform is processing over $1 billion in sourcing projects initiated by companies using its services. Moreover, the company has recently broadened its scope by introducing additional tools aimed at optimising packaging and ingredient sourcing, further enhancing supply chain management efficiency.
In total, Keychain has attracted $38 million in funding since November 2023, with contributions from prominent venture capital firms such as BoxGroup, Lightspeed Venture Partners, and SV Angel. Additionally, the platform has received strategic endorsements from major CPG firms including General Mills, The Hershey Company, and Schreiber Foods.
With the latest fundraising round, Keychain is gearing up for its European launch anticipated later this year. Hanrahan underscored the strategic importance of partnering with one of Europe’s leading retailers, a move that reflects the escalating demand for AI-directed sourcing tools in international markets.
As artificial intelligence progressively transforms the manufacturing sector, platforms like Keychain are establishing new benchmarks for efficiency, transparency, and cost-effectiveness in supply chain management. By leveraging advanced technology to replace antiquated processes, these AI-driven platforms empower businesses to navigate global sourcing with enhanced confidence and precision. For brands aspiring to expand their production capacity while minimising costs and fortifying their supply chains, utilising AI-driven solutions is increasingly becoming an industry standard rather than a luxury.
Source: Noah Wire Services
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