Dragontail Systems raises $8.8 million to push out pizza-monitoring smart cameras for quality assurance
Recently ASX-listed software startup Dragontail Systems has raised a further $8.8 million to up development on its new “Algo” food logistics and systems software and further roll out new quality assurance “QT” hardware, which uses machine learning and smart cameras to identify food quality issues.
Dragontail develops its Algo software for the quick service restaurant (QSR) industry, with an aim to streamline all aspects of food preparation and dispatch. The company was founded in 2013 and listed on the Australian Securities Exchange at the end of last year, raising $6 million through an initial public offering.
Now, nearly 12 months down the track, the company has completed an oversubscribed placement of additional shares to its investors in order to raise another $8.8 million, which chief executive Ido Levanon tells StartupSmart will be used primarily for scaling up the business and further refining its products, saying the most of the company’s research and development is “behind us”.
Dragontail has recently unveiled its latest offering designed to work in conjunction with Algo — a quality assurance system that uses machine learning and smart cameras to ensure customers’ food arrives exactly as ordered.
“Algo is our flagship product, which is essentially an end-to-end optimisation solution for a restaurant from kitchen to dispatch. However, since developing Algo we’ve made another system called QT,” Levanon says. Read more
Dominic Powell - Smart Company - 31 Oct 2017