Presto Automation sold to group of venture capital investors and receives $18 million investmentPresto Automation sold to group of venture capital investors and receives $18 million investment

Foodservice artificial intelligence company Presto Automation announced the sale of its assets to a group of venture capital investors led by Remus Capital for an undisclosed amount, along with “an injection of $18M of new capital by all new stakeholders.”

Presto Automation first announced that the technology company was putting itself up for sale last September boosted by an injection of cash from Presto’s investors, led by Metropolitan Partners Group.

With the successful auction of assets concluded on Dec. 3, Presto is being taken private (after going public in 2022 following a SPAC merger) and will now be known as Presto Phoenix. Although under new ownership, the company will retain its Presto Voice platform, technology, and team, while focusing on expanding its voice AI technology to more foodservice operators.

“We are excited to begin this new chapter,” Gee Lefevre, CEO of Presto, said in a statement. “The transition to a private company with a sustainable capital structure and the influx of new capital gives us the flexibility to accelerate our growth.”

Under new ownership, Presto unveiled new digital branding, with a renewed focus on leading the market in voice automation solutions. Presto is not the only voice AI solution out there. Last July, two of Presto’s major competitors — ConverseNow and Valyant AI — joined forces when ConverseNow acquired Valyant AI.

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With the new influx of cash from its new owners, Presto intends to become the number one option as voice AI continues to be one of the top technology solution options for operators. 

“We intend to win the QSR Voice AI market, given we’re the only player combining a market-leading product with deep restaurant industry expertise, and doing so with several expanding customers. We believe every drive-thru chain in America can benefit from the magic of Presto's AI in 2025.”      

Contact Joanna at [email protected]