Restaurant robotics startups are hungry for funding as they scale up to meet a large potential market. Miso Robotics Inc. today opened its Series E funding round with a target of $40 million. The Pasadena, Calif.-based company said it plans to use the new capital to meet demand for its commercial kitchen robots and to grow its workforce, which has more than tripled in size in the past year.
Miso has raised more than $50 million through equity crowdfunding in its Series C and D rounds.
“We’re thrilled to open our Series E round to the crowd after an incredible Series D raise,” said Mike Bell, CEO at Miso Robotics. “The significant interest we’ve seen from individual investors and brand partners is a testament to the pivotal role our technology plays in the restaurant industry. This next round will propel us forward to install in more kitchens and further increase our partners’ capabilities and positively impact their bottom line through automation.”
Miso offers restaurant robots as a service
Miso said it is developing intelligent systems to solve some of the largest gaps in back-of-house kitchen operations. The company said its systems incorporate machine learning, computer vision, and data analytics. They include the Flippy 2 frying robot, the CookRight grilling assistant, and the Sippy automated beverage dispenser.
Through brand partnerships over its first five years, Miso robotics said it has gained industry knowledge to help its food-preparation robotics evolve. The products are available through a robotics-as-a-service (RaaS) model to drive consistency, increase productivity, reduce costs, and improve the overall dining experience.
The global cooking robot market could expand in value from $86.1 million in 2019 to $322.5 million by 2028, experiencing a compound annual growth rate (CAGR) of 16.09%, according to Research Nester. It noted that North America is currently the largest share of the market at 51%.
$500M valuation leads to stock split
The company claimed that its Series C and D rounds were among the most successful crowdfunding campaigns in history, with more than 15,000 new and returning investors. It is currently accepting investment reservations in its Series E round while it goes through the U.S. Securities and Exchange Commission review process.
In addition, Miso's board of directors has declared a seven-for-one split of its common stock. The conversion price of preferred shares was also adjusted so that each share of preferred stock will now convert to seven shares of common stock.
The company noted that given its current valuation of $500 million, “the stock split is an effort to share value and opportunity with an increasingly interested retail investor community.”