Presto Automation, which payments itself as “the main supplier of enterprise-grade contact, imaginative and prescient and voice restaurant applied sciences and at present ranks as one of many largest labor automation expertise suppliers within the hospitality trade, has accomplished its beforehand introduced enterprise mixture with Ventoux CCM Acquisition Corp., a publicly traded particular objective acquisition firm. As mentioned right here, the mix has been within the works for almost a yr.
Based at M.I.T. in 2008, Presto is headquartered in Silicon Valley, Calif. with prospects together with most of the high 20 restaurant chains in the USA. The corporate provides a platform consisting of voice, imaginative and prescient, and contact options designed to extend employees productiveness and enhance the visitor expertise.
Processing over $4 billion in transactions yearly throughout nearly 280k deployments, Presto Automation is designed to assist eating places obtain over 250% labor productiveness and 30% bigger examine sizes by using their full expertise suite.
The corporate is understood for its kiosks and tablets that permit visitors order and pay immediately at tables and makes use of speech recognition so prospects can order by speaking to a tool at drive-throughs and different settings. It additionally makes use of laptop imaginative and prescient and analytics to assist eateries optimize operations.
By launching a number of new options and signing key nationwide agreements, specific over the previous couple of years, Presto has established itself as one of many largest suppliers of restaurant expertise. The firm has quickly expanded its buyer base attributable to new options like contactless eating and laptop imaginative and prescient expertise. It reportedly has over 100 million energetic month-to-month customers and 300,000 techniques shipped throughout three continents. Massive-name prospects embrace McDonald’s, Applebee’s Eating places and Brinker Worldwide.
Presto’s current development has been fueled by the launch of a number of new applied sciences for drive-thru efficiency optimization, contactless ordering / cost, and employees enablement. Its strategic partnerships with trade leaders similar to PayPal, Google, and Fiserv have offered entry to international markets which have helped the corporate scale quickly.
Final September, Presto launched its next-generation platform, Presto Flex. The multi-purpose pill, customized for the hospitality trade, will be deployed for quite a lot of restaurant dine-in and drive-thru functions together with pay-at-table, employees handheld, kiosk, and drive-thru line buster. The brand new platform additionally integrates Presto’s contactless QR Code ordering and cost answer to supply eating places full front-of-house flexibility.
In August of final yr, the corporate launched Presto Voice to automate speech recognition for eating places. The product will be deployed in quite a lot of restaurant settings together with drive-thrus, line busters, kiosks, pay-at-table techniques, and server handhelds to streamline the visitor expertise whereas rising the guest-to-staff ratio. In line with the corporate, the Presto Voice answer has an accuracy of over 95% and features a human backup possibility for uncommon edge instances.
“That is an extremely thrilling time for Presto as we full our enterprise mixture with Ventoux and develop into a public firm,” stated Raj Suri, Founder and CEO of Presto. “Our platform couldn’t be extra well timed in at the moment’s labor market, and with the capital raised by this transaction, I consider we’re properly positioned to capitalize on the pattern in direction of labor automation. The white area for our merchandise is just rising every single day and we sit up for fixing among the trade’s most tough challenges along with our prospects.”
The mixed firm will reportedly function as Presto Automation Inc. and its widespread inventory and warrants are anticipated to start buying and selling underneath the symbols “PRST” and “PRSTW,” respectively, on the Nasdaq Inventory Market. Money proceeds from the enterprise mixture, together with a strategic funding from Cleveland Avenue, LLC and others, consisted of roughly $120 million to fund growth and product growth throughout Presto’s platform.