A seed fundraising round led by Lightspeed Venture Partners secured $18 million for Keychain, the manufacturing network for the packaged products market.
Afore Capital, SV Angel, BoxGroup, and more than twenty experts in the consumer packaged products sector were among the other investors in the round.
Umang Dua, co-founder and chief operating officer of the New York-based firm, told ET that while the company would be in the global production arena, it is now constructing its whole team of engineers in Gurgaon.
“Brands and retailers want to create great products – healthy food, high-quality cosmetics, ethically-sourced coffee – but finding the right local and international manufacturing partners within the chaos of the current system often gets in the way,” CEO Oisin Hanrahan said in the statement.
Keychain is a new platform that is being built to revolutionize the CPG supply chain. The platform will connect brands with manufacturers, making it easier for them to find the right partners and manage the entire manufacturing process.
Keychain will use AI-powered technology to provide competitive intelligence, help with manufacturer sourcing, and streamline the terms negotiation, onboarding, and compliance processes. The goal of Keychain is to save brands time and money while improving the quality of their products.
The CPG supply chain is a $3 trillion industry. There are over 100,000 factories worldwide that produce packaged products. Keychain has a network of over 10,000 manufacturers. Keychain will use AI to help brands find the perfect manufacturing partners. Keychain will help partners navigate the entire manufacturing process.