Presto Automation, “a leading provider of enterprise-grade touch, vision and voice restaurant technology and currently ranked as one of the largest labor automation technology providers in the hospitality industry, has expanded its partnership with its previously announced Ventoux CCM acquisition. Completed business integration Corp., a publicly traded special purpose acquisition company.As described here, the combination has been in the works for nearly a year.
Founded at MIT in 2008, Presto is headquartered in Silicon Valley, California, and serves many of the top 20 US restaurant chains. The company offers a platform consisting of voice, visual and touch solutions designed to increase staff productivity and improve guest experience.
Presto Automation processes more than $4 billion in transactions annually across nearly 280,000 deployments, allowing restaurants to achieve over 250% higher labor productivity and 30% larger check sizes by leveraging the full technology suite It’s designed to.
The company is known for its kiosks and tablets that allow guests to order and pay directly at the table, and uses voice recognition to let customers order by speaking into the device in drive-thru and other settings. It also uses computer vision and analytics to help restaurants optimize their operations.
By launching several new solutions and signing major national agreements, Presto has established itself as one of the largest providers of restaurant technology, especially in the last few years.of The company is rapidly expanding its customer base with new solutions such as contactless dining and computer vision technology. It reportedly has over 100 million active monthly users and his 300,000 systems shipped across three continents. Famous customers include McDonald’s, Applebee’s Restaurant and Blinker International.
Presto’s recent growth is fueled by the launch of several new technologies for drive-thru performance optimization, contactless ordering/payment, and staff enablement. Strategic partnerships with industry leaders such as PayPal, Google and Fiserv provided access to global markets and helped the company expand rapidly.
Last September, Presto announced its next-generation platform, Presto Flex. multipurpose tablet, Custom designed for the hospitality industry, it can be deployed in a variety of restaurant dining and drive-thru applications including pay-at-table, staff handhelds, kiosks and drive-thru line busters. The new platform also integrates Presto’s contactless QR code ordering and payment solution to give restaurants full FOH flexibility.
Last August, the company launched Presto Voice to automate speech recognition for restaurants. The product can be deployed in a variety of restaurant environments including drive-thru, queue busters, kiosks, pay-at-table systems, and server handhelds to streamline the guest experience and increase guest-to-staff ratios. The company says its Presto Voice solution is more than 95% accurate and includes a human backup option for rare edge cases.
Raj Suri, Founder and CEO of Presto, said: “Our platform could not be more timely in today’s labor market.With the capital raised by this transaction, we are confident that we are well positioned to capitalize on the trend towards labor automation.” Our product margin is growing every day, and we look forward to working with our customers to solve some of the industry’s toughest challenges.”
The combined company will reportedly operate as Presto Automation Inc., and its common stock and warrants will begin trading on the Nasdaq stock market under the symbols “PRST” and “PRSTW,” respectively. Cash proceeds from the business combination, including strategic investments from Cleveland Avenue, LLC and others, were approximately $120 million to fund expansion and product development across Presto’s platform.