Keychain plans to leverage machine learning and data science to make the process of finding a manufacturer for store brands more efficient. The startup believes it can significantly speed up the product development pipeline, allowing stores to put new products on shelves faster and giving manufacturers more business in a shorter timeframe. Hanrahan and his co-founders believe they can cut the time it takes to get a product onto the shelf by between 25 to 50 percent.
Key takeaways:
- Oisin Hanrahan, former CEO of Angi, has launched a new startup called Keychain, which aims to connect packaged food brands with reliable manufacturers.
- Keychain has emerged from stealth with $18 million in seed funding led by Lightspeed Venture Partners, Box Group, Afore Capital, Ron Conway, and others.
- The platform is designed to be a one-stop shop connecting store brands with CPG manufacturers and vice versa, with the goal of speeding up the product development pipeline.
- Keychain is leveraging machine learning and data science at its core, with aspirations to offer a possible generative AI experience in the future.