Foodservice automation platform Hyphen has raised $24m in a Series A financing round led by Tiger Global to support its growth plans.
The funding round also saw participation from other investors, such as Toast co-founder and president Steve Fredette.
Existing investors, including Apollo Global Management co-founder and CEO Marc Rowan and The Cheesecake Factory executive vice-president and former chief culinary officer Donald Moore, also participated in the oversubscribed round.
Hyphen will use the capital raised to appoint designers, engineers and operators as well as expand its footprint into five new markets over the next two years.
Hyphen co-founder and CEO Stephen Klein said: “Razor-thin margins have plagued the restaurant industry for decades, but the pandemic exacerbated this with inefficient fulfilment of digital orders and a massive labour shortage.
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“Hyphen solves this dilemma by automating the assembly process. Our Makeline automates the production of digital orders, and our KitchenOS augments labour with efficient workflows and actionable insights.”
The Makeline, the company’s first product, can produce 350 meals every hour and eliminates order defects.
So far, the company has raised $34.4m to use for the research and development of next-generation products, building a new factory, and deploying its platform to US customers.
Tiger Global partner Griffin Schroeder said: “Amid labour shortages and increasing customer demand for takeout and delivery, restaurants need ways to increase throughput and improve efficiency. Hyphen created an intuitive and reliable solution that does both.
“We’re excited to partner with Stephen, Daniel and their team, to support restaurants across the country.”
Hyphen helps enhance consistency in commercial kitchens using software and robotics.
Last August, Hyphen launched a new platform featuring an Automated Makeline and KitchenOS aimed at transforming the foodservice industry across the US.