PYMNTS MonitorEdge May 2024

Nory Raises $16 Million to Expand ‘AI Restaurant Manager’ Product

restaurant managers

Nory has raised $16 million in Series A funding to expand the use of artificial intelligence (AI) in the hospitality industry.

The company will use the new funding to accelerate its product development and prioritize its international expansion, Nory said in a Wednesday (May 22) blog post.

“Nory is on a mission to help systemize success for the restaurant industry and to stack the odds in their favor,” Conor Sheridan, CEO and founder of Nory, said in the post. “Our Series A funding will help us on our path to building the world’s largest restaurant technology company.”

The company describes its product as an “AI restaurant manager,” saying it offers data-backed insights that help hospitality businesses optimize staffing levels, predict demand, select the right inventory and make other strategic decisions.

For example, it predicts hourly venue demand for each day based on historical data about seasonal trends and consumer behavior as well as live data on weather and events, according to the post.

As far as geographic expansion, Nory said in the post that it is currently working with hospitality businesses across Europe and North America. With the new investment, it aims to expand its reach around the world.

Luca Bocchio, partner at Accel, which led Nory’s latest funding round, said in the post that the company’s solution provides data insights to restaurants that are under increasing pressure to improve operational efficiency and productivity and are often using digital solutions that are fragmented.

“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 ROI,” Bocchio said. “We’ve been impressed by the early traction and strong customer engagements the Nory team has already achieved and Conor’s deep industry knowledge.”

Generative AI began to make its way into many different parts of the restaurant industry in 2023, PYMNTS reported in December.

For example, 58% of consumers said they had received AI-powered recommendations from a food delivery service, according to the PYMNTS Intelligence report, “Consumers Know What AI Is — Not How It’s Integrated Into Their Daily Lives.”