Total amount raised
$175.6 Million
Latest funding date
02/01/2024
Location
Presto has successfully raised funding over 13 rounds, with the latest being a Venture - Series Unknown round. The company is backed by 23 investors, including REMUS Capital and Metropolitan Partners.
Presto's journey in AI-driven automation for drive-thru restaurants showcases its commitment to enhancing staff productivity and guest experience. Keep reading to explore the intricacies of Presto's fundraising journey and the investors backing this innovative platform.
What Is Presto?
Presto, founded in 2008, is a leading provider of AI-driven automation solutions for drive-thru restaurants. The company is headquartered in Redwood City, California, and employs between 101-250 people.
Specializing in Voice AI, Presto aims to enhance staff productivity, increase revenue, and improve the guest experience. The company operates in various industry categories, including Artificial Intelligence, Enterprise Software, Food and Beverage, Restaurants, SaaS, and Software.
How Much Funding Has Presto Raised?
- Round Name: Series B
- Amount Raised: USD 13,500,000
- Date: June 2013
- Lead Investors: Intel Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance AI and automation technologies.
- Round Name: Series Unknown
- Amount Raised: USD 35,000,000
- Date: September 2014
- Investor Count: 4
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and improve technological capabilities.
- Round Name: Debt Financing
- Amount Raised: USD 15,000,000
- Date: April 2016
- Lead Investors: Bridge Bank, Trinity Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and technological advancements.
- Round Name: Series D
- Amount Raised: USD 30,000,000
- Date: February 2019
- Lead Investors: Recruit Holdings, Romulus Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance AI-driven solutions.
- Round Name: Series Unknown
- Date: February 2021
- Investor Count: 1
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and improve technological capabilities.
- Round Name: Post-IPO Equity
- Amount Raised: USD 70,000,000
- Date: September 2022
- Investor Count: 5
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance AI and automation technologies and expand market reach.
- Round Name: Post-IPO Equity
- Date: July 2023
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and technological advancements.
- Round Name: Post-IPO Debt
- Amount Raised: USD 6,000,000
- Date: February 2024
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To sustain operations and meet lender requirements.
- Round Name: Post-IPO Equity
- Amount Raised: USD 2,100,000
- Date: February 2024
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and technological advancements.
- Round Name: Post-IPO Equity
- Amount Raised: USD 18,000,000
- Date: January 2025
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance AI and automation technologies and expand market reach.
Total Amount Raised: USD 189,600,000. Current Valuation: Not publicly disclosed.
Key Investors
- REMUS Capital
- Details: REMUS Capital is a venture capital firm that invests in early-stage companies. It is controlled by Krishna K. Gupta, who is also the Chairman of Presto Automation Inc.
- Investment Focus Areas: Early-stage investments across various sectors.
- Notable Investments: Not specified.
- Metropolitan Partners
- Details: Metropolitan Partners is a private investment firm that provides capital to growing businesses. They have been a lead investor in multiple funding rounds for Presto.
- Investment Focus Areas: Growth capital for businesses.
- Notable Investments: Not specified.
- Intel Capital
- Details: Intel Capital is the investment arm of Intel Corporation, focusing on innovative technology companies. They led Presto's Series B round.
- Investment Focus Areas: Technology, AI, software.
- Notable Investments: Not specified.
- Recruit Holdings
- Details: Recruit Holdings is a Japanese human resources and information services company. They were a key investor in Presto's Series D round.
- Investment Focus Areas: HR technology, information services, AI.
- Notable Investments: Not specified.
- Romulus Capital
- Details: Romulus Capital is a venture capital firm that invests in early-stage technology companies. They co-led Presto's Series D round.
- Investment Focus Areas: Technology, AI, software.
- Notable Investments: Not specified.
What's Next for Presto?
Presto's future looks promising with the expansion of its AI Voice product in the drive-thru restaurant market. The company has already doubled its presence to 145 stores, and the potential to partner with major chains like Checkers could significantly boost its market share. The $11.1 million award from the legal case against XAC also provides a financial cushion to support these growth initiatives.
However, Presto faces the immediate challenge of raising an additional $6.0 million by March 2024 to meet its financial obligations. The rising adoption of AI in the restaurant industry and increasing labor costs present both opportunities and hurdles. Securing more capital and navigating competitive pressures will be crucial for sustaining its growth trajectory.
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