Keychain Secures $30 Million to Revolutionize CPG Manufacturing with AI
AI-driven Consumer Packaged Goods (CPG) manufacturing platform Keychain has successfully raised a $30 million Series B funding round, led by Wellington Management alongside existing investor BoxGroup and other returning investors. This influx of capital brings Keychain’s total funding to $68 million just 18 months after its inception.
KeychainOS: A Game-Changer for Manufacturers
The newly acquired funds will be instrumental in launching KeychainOS, a Software-as-a-Service (SaaS) AI operating system designed to assist manufacturers in optimizing their production cycles. Based in New York, Keychain has quickly gained traction with prominent US retailers such as 7-Eleven and Whole Foods, as well as notable CPG brands like General Mills.
“Our rapid growth underscores the palpable demand for our solution,” said co-founder and CEO Oisin Hanrahan. “The integration of AI equips KeychainOS to provide manufacturers with a more intelligent and efficient means of operating their facilities.”
A Robust Network of Manufacturers and Retailers
Through its core offering—a search and discovery platform connecting packaged goods companies and retailers with private label operations to co-packers—Keychain has developed an extensive network of over 30,000 manufacturers and 20,000 brands and retailers. The company has also expanded its focus beyond food to include beauty and personal care sectors, as noted by Hanrahan in an interview with AgFunderNews.
Expanding Capabilities and Ambitions
Looking forward, Hanrahan emphasizes that this is just the beginning. The firm is actively developing AI-powered workflow tools aimed at expediting product market launches. Keychain’s offerings will range from ingredients and packaging sourcing to replacing traditional food safety auditing software.
“Our existing seed round capital is still relatively untapped, and we continue to generate significant revenue,” Hanrahan remarked. “Our goal is to markedly scale our engineering team over the short term, doubling our workforce to around 70-80 engineers.”
Building a Comprehensive Operating System
With KeychainOS, Hanrahan asserts, “We aim to construct a fully operational suite that encompasses procurement, productivity, production, purchasing, cost accounting, food safety auditing, and everything necessary for manufacturers to manage their business effectively.”
“In contrast to traditional ERP systems developed without AI considerations, we are creating an AI-native solution that simplifies facility management,” he added.
Streamlined Operations with AI
Empowering Manufacturers
For instance, a retailer might leverage Keychain to identify a co-manufacturer for a specific private label snack. The manufacturer can utilize Keychain’s tools to generate capability decks and manage specifications. Moreover, they can source ingredients or packaging suppliers and use Keychain’s food safety audit products to ensure compliance with industry standards.
“We’ve evolved beyond just search and discovery; now it’s about comprehensive facility management. Our mission is to empower manufacturers by placing them at the core of our operations, facilitating data sharing with brands and retailers,” explained Hanrahan.
Innovative Data Utilization
Keychain’s efficacy is chiefly attributed to its data capabilities. For instance, when a large retailer’s private label sourcing department engages with Keychain, the platform utilizes extensive indexing, cross-referencing products from various online sources to enhance its offerings.
“Our approach is distinctive—we analyze every company listed as a private enterprise in the U.S. and identify manufacturers through various signals and data models,” Hanrahan elaborated.
A Virtuous Cycle of Engagement
The unique data collection methodology fosters a self-reinforcing cycle: as more brands and retailers adopt Keychain, more manufacturers are inspired to participate. This interconnected ecosystem continually enhances the platform’s capabilities.
Further Reading
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