It will use the fund to step up expansion in the APAC.
Singapore-based smart restaurant solution platform TabSquare has raised S$10 million (US$7.2 million) in a Series B round led by Kakaku.com, a Japanese comparison shopping website.
Other investors in the round include Coca-Cola Amatil, Resorts World Inc and existing investor Walden International.
The company will use the newly-raised funding to AI-Powered restaurant solution and accelerate its geographic growth in Asia Pacific including Australia, Indonesia, Malaysia, Singapore and Thailand.
Part of the investment will also be channelled towards doubling its staff count.
TabSquare was founded in 2012 by three INSEAD graduates, Anshul Gupta, Chirag Tejuja, and Sankaran Sreeraman.
Its main products are the SmartTab eMenu and the SmartKiosk — applicable to both sit-down and counter-service restaurants. These solutions use AI to make personalised menu recommendations.
For table service restaurants who have tablets, customers can use the SmartTab to order, view promotions and bills, make payments, as well as give feedback and earn loyalty points. For quick/counter service restaurants, the SmartKiosk allows for faster order turnover, more cross-selling options and store customers preferences for easy ordering. It also integrates a suite of cashless payment options like Apple Pay and Android Pay.
In addition to these two products, customers can also access mobile solution SmartWeb — a web platform that provides the same functionalities as the SmartTab. All they have to do is scan QR codes that are placed on the restaurant’s table (or wherever is convenient). No app download is required.
The platforms are placed on the cloud and restaurants are able to track orders and view operation performance in real time using a console and a dashboard.
“TabSquare has a very different view of the restaurant landscape and the role AI can play in propelling the industry forward. We believe each diner is unique and should be treated that way. As such, we will continue to invest heavily in AI technology to make it even more effective and personalised using additional data points, and superior algorithms,” said Gupta, in an official press statement.
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