Company: Nory
Founder: Conor Sheridan
Website: http://nory.ai/
About Nory
Nory is the first intelligent operating system for hospitality businesses. It centralises all core restaurant operations into one single smart platform, from business intelligence and demand forecasting to payroll, workforce and inventory management. It was founded in 2021 by CEO Conor Sheridan as an antidote to the problems he faced when founding and growing Mad Egg three years prior, a high-growth independent restaurant group in Ireland he grew to 100+ people and €6 million turnover in its first year in operation. Being new to the restaurant industry at the time, Conor felt the acute pain of using multiple disconnected, software products to run different workflows in his restaurants. Conor found that the software available was focused on digitising tasks and not driving tangible performance changes in a hospitality business.
This experience inspired Conor to create Nory, an AI-powered solution that connected all of these fragmented workflows and offered the intelligence needed to coach front-line teams to optimise their business performance. Research shows more than 60% of hospitality businesses fail in their first year and current market conditions mean higher costs, higher staff turnover and lower margins. By using Nory, an operator can harness their data, make better decisions, increase productivity, and boost profits. Nory has consistently delivered up to 50% increases in net profits for its customers, proving to be a transformational addition to their business.
Nory’s technology can also help businesses to monitor and actively reduce their carbon footprint and has saved approximately £1 million in food waste to date through its AI-enabled food ordering and preparation system. Variables like seasonality, sourcing and availability of produce have a significant influence on the environmental impact of the hospitality industry. By analysing historical data and suggesting ingredients that are more economically viable, Nory can assist with inventory management and demand prediction, helping restaurants to minimise food waste and make the industry more sustainable.
Nory currently works with over 250 global brands across the European and UK hospitality sector, including Jamie Oliver Group, Stonegate Pubs, Viva Italia Group, and Dr. Juice. One Nory user reduced the cost of labour by 23% in four months, increased productivity with sales per labour hour going up by 20.5%, and subsequently yielded multiples in higher net profits. Nory’s latest seed round €7 million was led by Triple Point Ventures and Samaipata VC with follow-on investment from participating investors Playfair Capital, Circlerock and Calvary VC.
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