Tech
This startup deploys AI in restaurants to make them operate more efficiently. Check out the 12-slide pitch deck Nory used to raise $7.6 million.
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- A Dublin-based startup has raised $7.6 million from Triple Point Ventures and Samaipata VC.
- Nory has created an AI operating system to enable hospitality businesses to operate efficiently.
- Check out the 12-slide deck it used to secure the fresh funds.
Conor Sheridan realized the hospitality industry had some major pain points that needed to be fixed after he launched the fast-growing Irish restaurant chain Mad Egg in 2018.
Five years on he’s raised $7.6 million for his startup that aims to use AI to alleviate some of those very issues he came up against.
“The hospitality industry has been under a lot of pressure, with inflation and staffing issues,” he told Insider. Sheridan founded Nory in 2020 to help restaurateurs and other hospitality businesses “navigate that environment so they perform consistently.”
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Nory’s core offering is an AI-powered operating system that can be applied to a business’ daily workflow, to speed up everything from admin tasks, staffing, and HR and payroll. The startup’s proprietary technology also consists of AI models that analyze previous restaurant sales and orders, to help managers predict everything from customer demand to which ingredients need to be topped up so the inventory is optimized to reduce food waste.
The platform can also be applied to daily scenarios, such as predicting revenues and analyzing staffing models, which helps restaurants to deliver a good customer experience and stay within budget, Sheridan said. “Compounding these decisions every day adds up,” he said.
Sheridan took lessons from his time at Mad Egg when building a business model for Nory. Currently, it charges for the SaaS tools usage on a per-venue basis. The platform is used by a range of UK and European hospitality businesses, including Stonegate Pubs and Dr. Juice.
Sheridan ensured that the team could show investors their focus on growth and early unit economics to highlight that their business could hit profitability in the midst of the difficult funding environment.
“Our thesis is that the hospitality industry is ripe for disruption,” he said. Sheridan added the fact the existing operations stack in the sector is analog helped attract investors to Nory’s mission. Problems in the industry are also homogenous from country to country, which made it appealing from a scaling point of view, he said.
The seed round was co-led by UK-based venture capital firm Triple Point Ventures, which has backed QuitGenius and Adepto, and Spanish early-stage VC fund Samaipata VC, an investor in FoodCheri and Totem. Additional participation came from Playfair Capital, Cavalry VC and Circlerock Capital.
Nory will use the fresh funds to continue to invest in its product development and work on expanding across Europe.
Check out the 12-slide deck used to raise the funding.
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