Venture Capital News: PreciTaste Scoops Up $24M Series A Round
2022-08-09
NEW YORK, NY, PreciTaste, a Vision AI platform and industry leader in operational optimization, has raised $24 million in Series A.
PreciTaste, a Vision AI platform and industry leader in operational optimization, has raised $24 million in Series A to continue its mission to become the standard for digital food AI management in fast casual and QSR kitchens. Developed to maximize efficiency, enhance customer experience, and reduce food waste, the largest food chains apply PreciTaste to combat the industry's labor, quality, and sustainability challenges.
PreciTaste's Series A is led by existing investor Melitas Ventures, a fund that invests in innovative early-stage food and beverage companies, and Cleveland Avenue, a mission-driven investor in food, beverage, and technology companies. Additional investors include Enlightened Hospitality Investments (EHI), the growth equity fund co-founded by Danny Meyer, the Founder of Union Square Hospitality Group and Shake Shack, and Monogram Capital Partners, a leading consumer-focused growth fund with investments including Chewy.com, Oatly, and Foxtrot.
Developed by engineers trained at TUM, MIT, IIT, NASA, and other leading institutions, PreciTaste, an offline-first, in-store food software platform, sets the standard for digital food AI management. PreciTaste is fast-tracking deployments of its proprietary Vision AI technology protected by 40+ patents, which optimizes operations, leading to labor efficiency, sales growth, and sustainability. It works on Edge Devices, is Cloud and Internet-independent, and data privacy compliant.
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