Presto Automation, a provider of AI voice systems for restaurant drive-thrus, has been sold to a group that includes its lender and a former investor.
The acquisition includes an $18 million capital infusion that will help accelerate Presto’s growth. The sale price was not disclosed.
The deal concludes a process that began in September, when San Carlos, California-based Presto defaulted on its loan from Metropolitan Partners. Metropolitan then foreclosed on the business and put it up for sale.
In early December, a group led by former Presto investor Remus Capital won an auction for the company’s assets. Metropolitan is also part of the group, along with other investors.
The newly formed company will be called Presto Phoenix. Presto’s staff will remain intact, and all of its existing customers will carry over.
“It's an absolute dream scenario for everybody in the business,” said CEO Gee Lefevre, who stepped in last year and will continue to lead the company.
Presto is coming off a tumultuous year. It abandoned its core tabletop tablet business to focus solely on drive-thru AI, which cost it a large portion of its revenue. Its stock price languished and it was ultimately delisted from Nasdaq.
The transition to private ownership will give it a fresh start. And the $18 million investment will allow it to make up for lost time.
“We’re going to be incredibly aggressive over the next three to six months, in particular, on sales and commercial,” Lefevre said in an interview. He added that the company has several meetings scheduled with big brands to discuss potential pilots.
Presto is one of a few companies at the forefront of AI voice for restaurants. Its Presto Voice system allows restaurants to automate drive-thru order taking, and promises benefits such as increased revenue, improved accuracy and better customer and employee satisfaction. Current customers include Carl’s Jr./Hardee’s and Taco John’s.
In a statement, Remus CEO Krishna Gupta said Presto is now the largest American drive-thru voice AI company as well as the best capitalized. “As Presto starts fresh, we ask all our current and future customers, partners, and investors: what can we get for you today?” he said.
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