The London-based AI-Native Restaurant Management System for hospitality businesses raised £27 million in Series B funding, bringing total funding to £46 million.
Kinnevik led the investment round for Nory. Nory had experienced a period of rapid growth by doubling the building of AI assistants and expanding globally.
The news comes a year after the company's Series A, led by Accel, who also joined the round alongside existing investors.
The business appears to help restaurants manage their operations and profits through a comprehensive AI system that covers business intelligence, inventory, workforce management and payroll calculations.
Created by Industry-Insider and Now-CEO Conor Sheridan, Nory is dedicated to meeting the evolving needs of the hospitality industry.
By using the platform, restaurants were able to reduce operational costs by nearly 20% and increase their core net profit by up to 50%.
This allows restaurant operators to save more than 100 hours per restaurant for over 100 hours per month by automating time-consuming back-office tasks such as business analytics, digital guest engagement, rotary planning, procurement and finance.
Who is Jackie Wright? Former Microsoft CDO joins Frasers Group
From independent brands to enterprise groups in the UK, Ireland and the US, it features clients such as Black Sheep Coffee, Jamie Oliver Group and Dave's Hot Chicken.
The company says the funding will encourage strengthening AI platforms, promote strategic adoption of world-class data scientists, continue to develop its own algorithms, and deploy autonomous AI assistants.
It also promotes US expansion.
“When hospitality is under pressure, we're bringing restaurants back to controlling their profitability and their destiny,” Sheridan said.
“The future of hospitality is not robots or gimmicks. It's AI that makes restaurants smarter, more lean and more profitable. Automation will help teams focus and focus on what's important.
Jose Gaytan de Ayala, who led Kinnevik investment, added:
“As the sector faces rising costs and complexity, Norry is separated as the only AI-Native platform built to help restaurants encounter and overcome these headwinds.
“We were impressed with the strong customer feedback that highlighted the quality of Nory's platform and the meaningful ROI quality it offers to its customers.
“With our support, Nory will deepen AI even further, bringing the next wave of innovation to restaurant owners from the UK onwards.”
Burberry plays ftse100 again and gets kicked out of ftse250 ASOS
