Singaporean startup Easy Eat AI snagged $5 million through a funding round, said Tech Crunch. The fund will be used to further develop its AI system which seeks to help restaurants digitize all aspects of their operations and generate data-based insights for owners.
The funding round was participated by Aroa Ventures, OYO family office, Reddy Futures Family Office, Prophetic Ventures, OYO global chief strategy officer Maninder Gulati, Alarko Ventures managing partner Cem Garih, Esas Ventures founder, and managing partner Fethi Sanci Kamisli.
Easy Eat AI founders Mohd Wassem, Rhyth, Gupta, and Abdul Khalid launched the company in 2019 and are getting ready to use the funds to expand its operations service-wise and geography-wise. The company is already present in Malaysia and wants to penetrate other Southeast Asian countries.
This move also aims to assist food and beverage businesses in further incorporating technology and digital systems not only through their ordering and payments infrastructures. Currently, restaurants have taken to receiving orders and payments through more advanced technology because of the pandemic.
Easy Eat AI can help these businesses partner up with food ordering mobile applications, which makes it easier for customers and staff alike to manage delivery orders.
However, the company also has its own delivery system complete with on-demand riders. Easy Eat AI’s infrastructure charges 4% of the order, as opposed to food ordering apps that charge 20% to 30% of the amount.
According to Wassem, the main goal of creating Easy Eat AI is to help Southeast Asian countries develop their culinary and restaurant industries. This is despite the region being “a food paradise” and having a culture where “everyone eats out.”
The system will use QR code ordering using smartphones. The platform can also process orders, receive payments, gather information, and create a customer database. Ultimately, it aims to help both customers and businesses get an improved experience and operations through the digitalization of businesses.
Data-based insights gathered through digital systems can help in finding out which areas to improve and what works. It can also be used for marketing strategies and promotions
One of the investors’ Keshav Reddy of Reddy Futures Family Office said, “The team is customer obsessed and understands the pain problems of the industry. Their innovative software platform will be disruptive to the entire F&B ecosystem and how customers engage through the entire F&B lifecycle in the online-to-offline world.”