AI Manufacturing Database Keychain Secures $5M for European Expansion

Streamlining Sourcing in the CPG Industry

Consumer brands are continually seeking methods to optimize their procurement of packaging and ingredient suppliers to swiftly respond to market demands. Despite these efforts, the process often still relies on time-consuming attendance at industry trade shows.

Introducing Keychain: An AI-Powered Connection Platform

Keychain is an innovative, AI-driven platform designed to facilitate rapid connections within the consumer packaged goods (CPG) sector with suitable manufacturing partners. Its extensive database encompasses over 30,000 manufacturers, alongside 20,000+ brands and retailers.

The company has recently secured $5 million in funding, spearheaded by Bright Pixel Capital, the venture capital division of Sonae Distribuição, a prominent European retail conglomerate and the parent company of Continente.

The Team Behind Keychain

Keychain was founded by Oisin Hanrahan (CEO) and Umang Dua, both previously the founders of Handy, a home services marketplace later acquired by ANGI Homeservices. Jordan Weitz also played a key role in the company’s inception.

The Inefficiency of Traditional Sourcing

“Approximately 200 to 300 trade shows occur annually for manufacturers,” Hanrahan explained to TechCrunch. “Some events attract as many as 70,000 attendees. Brands and retailers invest significant resources in these interactions, yet a dedicated digital solution is lacking.

Furthermore, no single manufacturer or retailer possesses the capacity to effectively organize this data utilizing AI. We have invested around $3 million in developing this data asset, and our AI capabilities provide a 10x to 15x improvement in efficiency.”

Addressing Information Asymmetry

Hanrahan highlighted that traditional brokers have historically benefited from information asymmetry, which inflates the cost of goods. Keychain leverages AI to dismantle these practices and reduce associated expenses.

Rapid Growth and Platform Adoption

“We initiated the platform launch just under a year ago, but initial traction was slow for the first two months,” he stated. “However, after refining our approach, the data began to flourish, and the platform’s functionality significantly improved.”

“Currently, brands and retailers are submitting projects totaling over a billion dollars in value through the platform, and we began serving U.S. manufacturers a few months ago,” he added.

Expansion into New Areas and Geographic Markets

Hanrahan announced the upcoming launch of two new platforms – one focused on packaging solutions and the other on ingredient sourcing. Additionally, the company has received a strategic investment from a major European retailer.

“While we are not disclosing a specific timeline, we intend to expand into the European market later this year,” he confirmed.

Significant Funding to Date

Since November 2023, Keychain has amassed a total of $38 million in funding from leading venture capital firms including BoxGroup, Lightspeed Venture Partners, and SV Angel. Notable CPG companies such as General Mills, The Hershey Company, and Schreiber Foods have also participated in the funding rounds.

• Keychain connects CPG companies with manufacturers.
• The platform utilizes AI to improve efficiency.
• Recent funding will support expansion into new markets.