Nory has developed an AI-powered operating system for businesses in the hospitality sector. The platform brings together the core functions involved in managing a business in hospitality and then provides suggestions for improvements in operational efficiencies following analysis of this data.
The funding round was led by venture capital firm Accel, with participation from existing investors Cavalry Ventures, Playfair, Samaipata and Triplefair.
The investment will be used to accelerate product development and international expansion. The company is currently active in Europe, the UK and the US.
The start-up recorded a 400pc jump in revenues last year, with Nory working with clients such as Buns from Home, the Jamie Oliver Group and Roasting Plant Coffee.
Nory’s technology is used by businesses to predict hourly venue demand using historical data and AI algorithms.
These algorithms focus on seasonal trends, weather and events to help restaurants and cafes decide on staffing levels.
Other areas of focus include cost and waste reduction, supply chain needs and daily revenue.
Nory founder and chief executive Conor Sheridan also founded the Mad Egg group of restaurants. There are now four Mad Egg locations in Dublin.
Mr Sheridan said he was disillusioned by existing software available to support companies active in the sector.
“The industry is facing challenges and complexities like never before. Operators don’t want more tools and apps that digitise every micro-workflow,” he said.
“Nory is on a mission to help systemise success for the restaurant industry and to stack the odds in their favour. Our Series A funding will help us on our path to building the world’s largest restaurant technology company,” he added.
Accel partner Luca Bocchio said that restaurants today are under pressure to improve their productivity and operational efficiency.
“The industry is still under digitised, with fragmented point solutions that prevent businesses from gaining more granular data insights on their own operations,” Bocchio said.
“Nory’s AI powered operating system provides restaurants with much needed access to a central, real time source of truth, which is easy to use and delivers fast return on investment,” he concluded.
