Tech start-up Nory raises $2m for AI, automation technology

The company is now targeting growth in the UK this year, and is also eyeing US expansion

Dublin-based start-up Nory has raised $2 million in pre-seed funding for its artificial intelligence (AI) and automation technology to help restaurants manage everything from staffing and stock management to promotional campaigns.

Led by Cavalry Ventures and Playfair Capital, the round was also supported by Enterprise Ireland and leading angel investors from Europe and the US. The company is now targeting growth in the UK this year, and is also eyeing the US for expansion.

The chief executive and founder of Nory, Conor Sheridan, said the idea came from his own experience with restaurant chain Mad Egg, which he co-funded in 2018 and helped grow to €6 million in revenues within 14 months.

He built a management system for the restaurants that helped to control costs – an early version of what later became Nory core technology.

It caught my attention that this was working very well for us. This approach is quite different, there are no other products out there that are carrying this level of intelligence, he said.

The data-based decision-making can help restaurants decide what inventory to order, what recipes to prepare and who to staff.

Another indicator that the company was on the path to something innovative was the offers that came from larger restaurant groups in the UK, who weren’t using as detailed systems.

That cemented the idea that this wasn’t just small restaurant level, that there were global chains that could really benefit from this, Mr Sheridan said.

The company was supported by NDRC, winning best start-up and beginning to build up the team. The product launched in September to three outlets, and closed the year at around 20, with about 60 on the waiting list. It currently has 25 customers, with the target of 750 locations.

Initially funded by Mr Sheridan, it has now caught the attention of investors.

The technology is aimed at a range of business sizes, including smaller chains and individual restaurants. It is also carrying out a pilot programme with fast food chain McDonalds in London.