This article was originally published by Stefano De Marzo on Novobrief, an Espacio partner publication.
Nory, an Irish startup that specializes in an artificial intelligence-based operating system for hospitality establishments, has raised €7 million in a recent financing round.
The round was led by Samaipata, with participation from Triple Point Ventures, Playfair Capital, Circlerock, and Cavalry VC.
The fresh capital will be utilized to further enhance Nory’s cutting-edge technology and facilitate its expansion across Europe, with a particular focus on Spain.
Nory’s unique solution consolidates all the operational functions required for efficient management and cost reduction within a hospitality establishment into a single application.
By integrating and cross-referencing various data sources, such as daily revenue, employee schedules, and stock requirements, Nory’s platform provides actionable insights and suggests operational efficiencies, thereby enhancing profitability.
Hospitality going digital
While the hospitality industry has seen a gradual shift toward digitization of operational workflows, the existing technological tools remain fragmented and lack interconnectivity.
As a result, their impact is limited to specific areas like inventory control or human resources. Nory stands out by offering a comprehensive solution that centralizes all essential functions, leveraging the interconnectedness of data to optimize the bottom line.
Conor Sheridan, the founder and CEO of Nory, possesses valuable firsthand experience in the hospitality industry.
Presently, Nory collaborates with several prominent brands in the European hospitality sector, including Viva Italia Group, Dr. Juice, and Badiani Gelato, which has a presence in Barcelona. Nory plans to expand its presence further in Spain this year.
Conor Sheridan believes that the hospitality industry faces numerous challenges, such as rising costs, high staff turnover, and shrinking margins.
José del Barrio, founding partner of Samaipata, expresses confidence in Nory’s potential for success in both Spain and Europe.
Spain, with its sector accounting for more than 6% of the country’s GDP, represents a particularly important market.
Nory aims to assist Spanish bars and restaurants in further professionalizing their operations, increasing productivity, and ultimately boosting profits.
“It is an important and very opportune time for this type of software, as it is a low-margin industry where efficiency is key to improving the bottom line. We believe that Conor, with his unique experience as a hotelier, will be the secret ingredient for Nory to become a global leader in its category”, adds del Barrio.
With the new funding secured, Nory is well-positioned to further refine its innovative technology, expand its reach in Europe, and revolutionize the hospitality industry by providing comprehensive, data-driven solutions.
As the demand for operational efficiency and profitability continues to grow, Nory’s all-encompassing platform is set to play a pivotal role in empowering hospitality establishments across Spain and beyond.