Secures 2.5 Billion Won Investment, Bringing Total Funding to 4.5 Billion Won
"Focusing on Advancing AI Technology and Expanding Globally"
Artificial intelligence (AI) food tech company ControlM announced on October 16 that it has secured a total investment of 2.5 billion won through its pre-Series A funding round.
This additional investment comes just 10 months after ControlM attracted seed round funding from Translink Investment and MY Social Company (MYSC) in December of last year, bringing the company’s cumulative investment to 4.5 billion won. With this latest funding, ControlM plans to further enhance its AI technology and strengthen its big data-based services, enabling food service professionals to make efficient decisions through simple chat interactions.
ControlM operates "RestoGenie," a dedicated solution for food service businesses that digitizes the entire restaurant operation process. RestoGenie provides all the necessary functions for restaurant management-including ordering, delivery, and marketing data management-based on AI technology.
In addition, ControlM launched the fast-food brand "Slam Burger," which incorporates the flavors of Korean cuisine. After opening its Gangnam location in May, the company opened a Daehangno branch earlier this month. According to ControlM, applying the RestoGenie marketing solution and AI vision camera at the Gangnam branch resulted in a doubling of both sales and profits, with a 41% purchase conversion rate among visiting customers.
RestoGenie was released this year in a franchise version and is scheduled to be upgraded next year to a B2C (business-to-consumer) version, which will be accessible to all food service operators.
Won Jonggwan, CEO of ControlM, said, "With this investment, we will accelerate the advancement of our AI technology and our expansion into global markets, aiming to become a reliable partner for restaurant owners not only in Korea but around the world."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
