A London-based AI-native restaurant management system for hospitality businesses has raised £27 million in Series B funding, bringing total funding to £46m.
Kinnevik led the investment round for Nory, which has experienced a period of rapid growth amid the company doubling down on building AI assistants and global expansion.
The news comes just one year after the firm’s Series A, led by Accel, who also participated in this round alongside existing investors.
The business looks to help restaurants take control of their operations and profits through a comprehensive AI system covering business intelligence, inventory, workforce management and payroll.
Created by industry-insider and now-CEO Conor Sheridan, Nory is purpose-built to meet the evolving needs of the hospitality industry.
By using the platform, restaurants have been able to reduce operating costs by nearly 20% and increase core net profits by up to 50%, according to the firm.
It helps restaurant operators save over 100 hours of admin per restaurant each month by automating time-consuming back office tasks such as business analysis, digital guest engagement, rota planning, procurement, and finance.
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Working with customers ranging from independent brands to enterprise groups across the UK, Ireland and US, it has onboarded clients including Black Sheep Coffee, Jamie Oliver Group and Dave’s Hot Chicken.
The company says that the funding will fuel AI enhancements to its platform, facilitate the strategic hiring of world class data scientists, continue development of proprietary algorithms and deploy autonomous AI assistants.
It will also drive its US expansion.
“At a time when hospitality is under pressure, we are putting restaurants back in control of their profitability and their destiny,” said Sheridan.
“The future of hospitality isn’t robots or gimmicks. It’s AI that makes restaurants smarter, leaner and more profitable, with automation that frees teams up to focus on what matters: great food and even greater customer experiences.”
Jose Gaytan de Ayala, who led the investment for Kinnevik, added: “Nory is rewriting the hospitality playbook.
“As the sector faces rising costs and complexity, Nory stands apart as the only AI-native platform purpose built to help restaurants meet and overcome these headwinds.
“We were impressed by the strong customer feedback, which highlighted the quality of Nory’s platform and the meaningful ROI it delivers for customers.
“With our support, Nory will go even deeper on AI and bring the next wave of innovation to restaurant owners in the UK and beyond.”