New York-based Target Research Group has acquired food intelligence platform Spoonshot, with whom it has collaborated for the last two years developing Foodbrain+, an AI-based innovation and consumer testing tool.
Bought by its employees ten years ago, Target researches across many sectors but already has particular expertise in food and beverage markets. Spoonshot's intelligence for the sector combines 'superior AI and nuanced food knowledge' to answer questions around innovation decision-making.
Target CEO Greg Spagna comments: 'We're thrilled to bring Spoonshot into our family. This unique AI platform has transformed how we understand food and beverage trends and consumer behavior. This acquisition enhances our ability to deliver unparalleled, forward-thinking market insights to our clients. Our goal is to further develop Spoonshot's algorithm to cover all categories and the ability to create new ideas and winning products at pace'.
According to Spoonshot co-founder & CEO Kishan Vasani (pictured), 'Taking our partnership with Target Research Group to this next level is a fantastic step forward. It means that the reach and impact of our AI research platform will be accelerated. I'm excited about the potential of our integrated offering that will redefine how businesses make data-driven innovation decisions in the food and beverage sector'.
Terms of the deal were not disclosed. The firms are online at www.targetresearchgroup.com and www.spoonshot.com .
All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.