Nory, a Dublin-based AI start-up, has secured US$2 million in pre-seed funds. The company’s tech enables restaurants to take data-based decisions across the entire scope of operations.
While the pandemic has thrown sharp focus onto the adoption of technology in the restaurants industry to improve hygiene and safety standards, tech solutions are also key for not just survival but even growth, going ahead. A Dublin-based start-up, Nory, has raised US$2 million in pre-seed funding for its artificial intelligence and automation technology to help restaurants manage everything from staffing and stocks management to promotional campaigns.
The chief executive and founder of Nory, Conor Sheridan, was inspired by his own experience with restaurant chain Mad Egg in Dublin. “Even prior to the pandemic, restaurants have faced a hugely challenging trading environment. The industry has low barriers to entry, meaning it’s super competitive and tough to differentiate. It’s also a labour-intensive business with operating costs rising on multiple fronts, from ingredients to delivery aggregators. It leaves little room for error. While the last 12 months have been devastating for the industry, it has also clearly highlighted the need for an evolution in the way of working. Restaurants of all shapes and sizes need to get more from every dollar spent,” said Sheridan.
He added: “AI and automation will define the future of restaurant management—and Nory will be at the forefront of supporting these businesses to achieve a more sustainable and profitable future. We are delighted to have some of the sharpest minds in the investment community supporting us on this mission.”
The company is looking to grow in the UK market and expand to the US too, with this round of funding led by Cavalry Ventures and Playfair Capital, along with Enterprise Ireland and other angel investors from the UK and US. The product launched in September last year and currently has 25 customers on board.
Nory’s AI learn and predicts needs for individual businesses. From inventory ordering to popular recipes and efficient staffing, the tech allows businesses to take critical decisions based on hard data across the entire scope of operations for a restaurant. Alongside smaller restaurant chains and individual restaurants, Nory plans to offer its services to larger restaurant chains as well, with a pilot project with McDonald’s London on the cards.