Consumer Brand Group 100.co Doubles Down on Predictive Intelligence with Acquisition of Cherry Pick AI
MIAMI, May 4, 2021 /PRNewswire/ -- 100.co, the Artificial Intelligence-powered consumer brand group disrupting the Consumer Packaged Goods (CPG) market, announced today that it has completed the acquisition of Cherry Pick AI ("Cherry Pick"), a New York-based predictive intelligence platform for product development.
The acquisition bolsters 100.co's proprietary AI capabilities, significantly accelerating the Company's mission to reinvent the product creation and go-to-market processes legacy consumer brands have relied on for the last century. 100.co will leverage the platform's product identification technology and data gathering techniques that track consumer preferences for valuable product attributes, to develop the next generation of CPG brands.
"The Cherry Pick team has built an incredibly powerful AI platform that enables us to understand what today's digital-first consumers want at a granular level, and to harness those insights in a meaningful way," said Kim Perell, CEO and Co-founder of 100.co. "Cherry Pick's predictive intelligence and ability to measure demand for products before launch are invaluable assets to 100.co as we strengthen our proprietary AI platform CLAIRE™ to disrupt the CPG industry."
Cherry Pick's platform - now included within CLAIRE™ - deeply analyzes social images and consumer reviews, applying AI, machine learning and big data techniques to predict product needs and market fit, reduce risk, and influence product attributes before an investment is made in a produt. It also aggregates social media activity, stock keeping units, current consumer demand and trends, as well as specific attributes that pinpoint consumers' specific preferences, such as pricing for organic ingredients.
Justin Stewart, Senior Vice President of Product and Technology at 100.co and former CEO of Cherry Pick AI, said, "100.co is a multi-billion dollar opportunity. By leveraging Cherry Pick's technology to understand consumer preferences, 100.co is bringing authentic purpose-driven brands to market in months vs years. Our shared mission is to move the CPG industry to a more product-centric approach that resonates with, and satisfies, today's digitally savvy consumers."
Launched in 2021, 100.co has accelerated new product development by more than 30 percent compared to traditional CPGs, and data-driven insights from its proprietary platform have informed three upcoming consumer brands with household celebrity names, launching later in 2021.
James Brennan, Chairman and Co-Founder of 100.co, added, "Consumers today are telling the market what they want, but traditional CPG companies are not listening. If a brand's values are not in line with their target audiences' values, they will continue to fail. Cherry Pick not only listens, it also provides the data that 100.co can activate against to ensure success."
Melissa Munnerlyn, Senior Vice President of Brand and Tech Solutions at 100.co and former COO of Cherry Pick AI, concluded, "100.co and Cherry Pick are culturally-informed builders and operators of technology - our unique experiences coupled with our skill sets drive our platform and are part of our secret sauce. It has already proven to hold a competitive advantage over traditional CPG companies."
Former Cherry Pick Co-founders, Justin Stewart and Melissa Munnerlyn, have been named Senior Vice President of Product and Technology and Senior Vice President of Brand and Technology Solutions, respectively, and will report directly to 100.co founders, Kim Perell and James Brennan.
About Cherry Pick AI
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