Presto (restaurant technology platform)

From Wikipedia, the free encyclopedia

Presto is a technology platform for the restaurant industry developed by Redwood City-based E la Carte. The company is a major player in the customer-facing technology market.[1] Their products consist of tabletop tablets, server tablets, computer vision, wearables, and AI. As of October 2019, Presto is deployed in thousands of locations, and their customers include Applebee's, Chili's, Outback Steakhouse, Denny's, and Red Lobster.[2]

History[]

Presto, then known by its legal name E la Carte, was founded by Rajat Suri in October 2008 in Massachusetts. Suri was a graduate student at MIT when he created the first E la Carte product, a tablet that allows restaurant customers to order and pay through a tablet.[3] He left his graduate program to become a waiter in order to learn more about the restaurant industry. Previously, Suri was a cofounder of Zimride, now known as Lyft.[4]

E la Carte was accepted into Silicon Valley based seed accelerator Y Combinator in 2010. The same year, Suri moved to California and opened a Palo Alto office.

E la Carte first installed its touchscreen tablets in restaurants in the San Francisco Bay Area in 2011.[5] The tablets could take orders, act as a sommelier, receive payments, split bills, and calculate tips.[6] In August 2011, Lightbank invested $4 million in venture capital in E la Carte.[7]

In June 2013, Intel Capital invested $13.5 million in Series B funding in E la Carte, with participation from Romulus Capital.[8] Later that year, E la Carte relocated to a new office in Redwood City. Applebee's signed a deal with E la Carte to deploy 100,000 tableside tablets to its locations by the end of 2014.[9]

E la Carte rebranded to Presto in 2018. In 2019, Presto raised $30 million in growth financing led by Recruit Holdings and Romulus Capital to grow its AI platform.[10] Presto began piloting its computer vision program called Presto Vision in October 2019.[11]

Products[]

The Presto platform operates on the Android operating system, and supports EMV and mobile payment technologies. Presto's products include server handheld tablets, tabletop tablets for guests, computer vision, AI, wearables, line-busting tablets, mobile software development kits, and kiosks. With Presto systems, restaurants experience an increase in check sizes, turn tables at least 10 minutes faster, and increase tips by an average of 16%.[12]

In 2020, Presto began to offer a contactless dining system to restaurants in response to the COVID-19 pandemic.[13] The system enables restaurant customers to scan a QR code with their phone in order to view the menu, place orders, and make payments.

References[]

  1. ^ The next frontier of restaurant management : harnessing data to improve guest service and enhance the employee experience. Susskind, Alex M.,, Maynard, Mark, 1967-. Ithaca. 15 June 2019. ISBN 978-1-5017-3652-0. OCLC 1075077371.CS1 maint: others (link)
  2. ^ Bandoim, Lana. "The Future Of Restaurant Technology And The Role Of AI". Forbes. Retrieved 2020-01-02.
  3. ^ Managing startups : best blog posts. Eisenmann, Thomas R. (1st ed.). Sebastopol, CA: O'Reilly. 2013. ISBN 978-1-4493-7050-3. OCLC 853281576.CS1 maint: others (link)
  4. ^ The next frontier of restaurant management : harnessing data to improve guest service and enhance the employee experience. Susskind, Alex M.,, Maynard, Mark, 1967-. Ithaca. 15 June 2019. ISBN 978-1-5017-3652-0. OCLC 1075077371.CS1 maint: others (link)
  5. ^ "Presto's Payment Data Security Earns Payment Card Industry's Point-to-Point Encryption Certification". finance.yahoo.com. Retrieved 2020-01-02.
  6. ^ Brooks, Ann, 1952- (15 July 2014). Popular culture : global intercultural perspectives. Houndmills, Basingstoke, Hampshire. ISBN 978-1-137-42672-7. OCLC 915154806.CS1 maint: multiple names: authors list (link)
  7. ^ "Lightbank Leads $4 Million Investment in E la Carte". Bloomberg.com. Business Wire. 2011-08-30. Retrieved 2020-01-02.
  8. ^ "Customized Tablet For Restaurants E La Carte Raises $13.5M From Intel Capital And Others". TechCrunch. Retrieved 2020-01-02.
  9. ^ "E La Carte Scores Deal With Applebee's, Bringing 100,000 Tableside Tablets To All U.S. Locations By Year-End 2014". TechCrunch. Retrieved 2020-01-02.
  10. ^ "Presto raises $30M to bring its AI platform and tabletop ordering hardware to restaurant chains". TechCrunch. Retrieved 2020-01-02.
  11. ^ Lucas, Amelia (2019-10-16). "Outback Steakhouse wants to know if A.I. tech can help improve customer service". CNBC. Retrieved 2020-01-02.
  12. ^ Rubini, Agustín (17 December 2018). Fintech in a flash : financial technology made easy (Third ed.). Boston. ISBN 978-1-5474-0105-5. OCLC 1084727022.
  13. ^ "Presto CEO helping coronavirus-hit restaurants by offering contactless ordering for free". Retrieved 2020-06-26.
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