Irish startup Nory has raised $16 million in a Series A funding round to further develop its AI-powered restaurant management platform. The investment round was led by Accel, with contributions from existing investors Cavalry, Playfair, Samaipata, and Triplepoint.
This brings the total funding to $25 million, enabling it to accelerate product development and expand internationally.
Addressing Challenges in the Hospitality Industry
Founded by Conor Sheridan, who previously established the restaurant group Mad Egg, Nory aims to tackle the complexities faced by the hospitality industry. The platform leverages AI to provide real-time data analysis, helping managers streamline operations in restaurants and cafes. This includes predicting hourly venue demand with 95% accuracy by analyzing historical data, seasonal trends, and hyperlocal live data such as weather and events.
Advertisement
Sheridan highlighted the urgent need for innovative solutions in the hospitality sector, stating, “Operators need technology that offers real control over their business, profitability, and future. The company’s mission is to systemize success for the restaurant industry.”
Enhancing Operational Efficiency
Nory’s technology assists hospitality businesses in managing staffing, stock levels, and other critical workflows, significantly reducing costs and waste. The platform’s AI-driven insights empower managers to make informed decisions swiftly, enhancing overall efficiency and productivity.
Investor Confidence and Industry Impact
Luca Bocchio, partner at Accel, emphasized the growing pressure on restaurants to improve efficiency and productivity. He noted that Nory’s AI-powered system offers much-needed central, real-time data insights, delivering fast returns on investment.
Nory, formerly known as Skueeze, previously raised €7 million in a seed round co-led by Triple Point Ventures and Samaipata VC. The company also secured $2 million in early 2021 from Berlin’s Cavalry Ventures and London’s Playfair Capital.
With this new funding, the irish startup is set to expand its innovative restaurant management solutions, supporting the hospitality industry through advanced AI technology and fostering growth in both local and international markets.
