Artificial Intelligence-based restaurant management platform TabSquare has raised $10 million in Series B funding from investors, led by Japanese online shopping company Kakaku. CocoCola Amatil, Resorts World Inc, and existing investor Walden International also participated in this round.
The six-year-old company was founded by INSEAD alumni Anshul Gupta, Chirag Tejuja, and Sankaran Sreeraman. Singapore-based TabSquare was seed funded by Calcutta Angels Network and now counts Mumbai Angels Network among its investors. It raised $2.8 million in 2016 from Walden International.
A statement from Mumbai Angels Network states that the fresh funding will be used to grow its geographic presence across Asia Pacific, including Indonesia, Malaysia, Singapore, and Thailand. They will also double the manpower and enhance their AI solutions accordingly.
TabSquare claims to have over 6,000 devices that serve more than 12 million diners with six million orders annually. Their flagship product, TabSquare SmartTab, a customised tablet menu, provides customers with a view of the dishes, get recommendations, place orders, redeem promotions, and pay their bills without the waiter.
TabSquare Nucleus, the cloud-based data warehouse and analytics engine, allows restaurants to update the menu in real time. It also provides data analytics to understand consumer behaviour and spending patterns. TabSquare tracks over 30 million customer interaction data points on a monthly basis, and claims to boost the average bill value by more than 10 percent through its services.
SmartKiosk, their latest intelligent ordering system, uses facial recognition technology. Once an order has been placed through it, the next visit only requires scanning the face in front of the machine to log into the system. It will remember the last meal you ordered and visit it several times. It will also recommend dishes that you may like based on your preference.
TabSqaure serves more than 300 brands – including Sushi Tei, Paradise Food Group, Japan Foods Holding, Zingrill Holdings, Chili’s, Strike Bowling, and PappaRich, among others.
Calcutta Angels president Apurva Salarpuria stated, “We invested in TabSquare because of their ambitious team, technology strength, and innovative business model and are excited to see their success. We believe the new round of strategic investors will bring tremendous value and experience across key areas to further propel the growth of TabSquare.”