Pasadena-based Miso Robotics, which manufacturers a burger grilling, French fry frying autonomous kitchen assistant called Flippy, continues attracting investor interest, raising more than $5 million in the past three months alone.
After a round of Series C funding raised $17 million between April and November of 2020, Miso Robotics announced in late-January that it was expanding the crowdfunding campaign into 2021 with a new goal of raising $30 million.
The company has garnered more than $5 million in investment since raising over $22 million, in all, according to data provided by Miso.
The extended round of funding came in response to “high demand” on the SeedInvest crowdfunding platform, “becoming the highest-grossing technology deal ever featured on the platform,” Miso said in a written statement.
While 2020 was an extraordinarily difficult year for many industries, it was a time of significant growth at Miso Robotics, according to Miso President, Chairman and co-founder Buck Jordan.
“2020 was a big year for us, it’s almost unbelievable the volume of interest we attracted from operators,” he said. “We have an incredible team assembled and we are ready to keep the momentum going in 2021 with the expansion of our Series C. The future is bright for us and our only real challenge right now is building fast enough.”
Changes to the restaurant industry brought on by the pandemic placed solutions like Flippy in high demand, representatives said.
“Miso Robotics thrived in 2020 as the need to address challenges in the food service industry grew with the spread of lockdowns, social distancing and shifting revenue models,” according to the company statement. “Restaurants were hit with the need to move towards delivery and takeout to stay afloat, a dynamic that resulted in up to a 30% cut in profits because of costs imposed by delivery services. Limited kitchen staff due to social distancing restrictions decreased production capabilities and speed to fulfill orders — making competitive customer service nearly impossible.”
As a result, the statement said, “Miso Robotics was inundated with requests from major quick service restaurants seeking a solution to streamline cooking, enhance quality and consistency, and improve shrinking margins.”
The White Castle hamburger chain is among companies that have employed Flippy, installing the robot at up to eleven locations, according to Miso.
Nearly 110,000 restaurants nationwide did not survive the pandemic, and those that remain are looking for ways to stay afloat, company representatives said.
“As a pioneer for the post-pandemic commercial kitchen of the future, Miso Robotics will meet the needs of the industry by expanding cooking automation capabilities and enhancing Flippy’s design and software in 2021,” the statement said. “The year ahead promises to deliver a strengthened revenue model that will make Flippy a universally accessible, intelligent, robot-as-a-service solution for operators.”
More information on Miso Robotics, including information on investment in the business, can be found on the company’s website at https://misorobotics.com.