Nory has secured $16 million in Series A funding round led by Accel, to spearhead AI across the hospitality industry.
It brings the AI powered operating system’s total raised to $25 million, following 400% revenue growth in 2023. Existing investors Cavalry, Playfair, Samaipata and Triplepoint also participated in the round. This investment will be used to accelerate product development and international expansion.
Headquartered in Dublin, Ireland, Nory is the creator of the first AI-powered operating system for the hospitality industry, allowing businesses to manage and scale operations, and increase profitability through centralising key operational data.
Working with the likes of Buns from Home, Jamie Oliver Group and Roasting Plant Coffee across the UK, Europe and the US, Nory has proven to reduce costs by almost 20% and increase EBITDA by over 50%.
Its AI analyses data in real-time and acts as an AI-venue manager to coach front line workers on how to run their venues efficiently and profitability.
The technology also predicts hourly venue demand for each day with 95% accuracy based on historical data matched with AI algorithms. These algorithms take into account seasonal trends and hyper local live data on weather and events to help restaurants and cafes manage staffing.
Going further, it then matches these predictions to other core workflows like stock management to reduce costs and waste.
Having previously founded and scaled independent restaurant group, Mad Egg, CEO Conor Sheridan developed Nory to address these pain points within the hospitality industry.
He commented: “The industry is facing challenges and complexities like never before. Operators don’t want more tools and apps that digitise every micro-workflow. They need technology that can give them real control over their business, their profitability and their destiny.
”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.
Luca Bocchio, partner at Accel, added: “Restaurants are under increasing pressure to improve operational efficiency and productivity. The industry is still under digitised, with fragmented point solutions that prevent businesses from gaining more granular data insights on their own operations. 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. We’ve been impressed by the early traction and strong customer engagements the Nory team has already achieved and Conor’s deep industry knowledge.”
