Nory receives 16 million dollars to promote AI in the food service industry

London, May 2024 - Nory has raised 16 million dollars in a Series A financing round. This investment is intended to drive the development of its proprietary AI software and support the restaurant industry. Nory uses artificial intelligence to help restaurants make their operations more efficient, reduce costs and increase profit margins.

The financing round was led by Accel, a renowned venture capitalist. Other investors such as Triple Point, Samaipata, Playfair and Cavalry Ventures joined in.

Challenges in the food service industry

The food service industry has had to overcome considerable challenges in recent years. Many businesses have had to close and the remaining ones only achieved a profit margin of three percent last year. Rising labor, food and energy costs, as well as difficulties in recruiting and retaining experienced staff, have further exacerbated the situation. Nory's AI-powered solutions offer new approaches to address these issues.

The industry is facing unprecedented challenges and complexities. Operators need technology that gives them real control over their business and profitability

Conor Sheridan, CEO and founder of Nory

Nory acts as a centralized platform for restaurant data and analyzes it in real time. The system helps restaurant managers optimize staffing and inventory levels. This enables businesses to reduce costs and increase efficiency. "The industry is facing unprecedented challenges and complexities.

Goals of the new financing

With the new funding, Nory plans to achieve two main goals: accelerate product development and expand internationally. Nory's advanced algorithms analyze historical data to predict hourly demand with 95 percent accuracy. These predictions take into account seasonal trends, consumer behavior and real-time local data such as weather and events. The accurate forecasts help restaurants optimize their staff scheduling and inventory levels.

Nory remains a central pillar to support our growth and operational excellence.

Bridie Fox, Head of Operations at I am Döner

Nory already works with foodservice businesses in Europe and North America, including Roasting Plant Coffee, Dr. Juice and I am Döner. The new funding will allow Nory to further expand its reach and support more businesses worldwide.

Positive impact and future plans

Nory has already achieved demonstrable success. Customers such as the Jamie Oliver Group and Hartshorn-Hook have reduced costs by almost 20 percent and increased EBITDA by over 50 percent. George Hartshorn, Food and Beverage Director, emphasizes: "Nory's insights enable us to make informed decisions and steer our business towards growth."

AI solutions such as Nory's are particularly exciting for businesses in the foodservice industry, as they can increase efficiency and profitability through data-based decisions. However, their use in small, owner-managed restaurants remains questionable. These businesses often have limited resources and may struggle to implement and utilize such technologies.