Presto Automation (PRST), which provides AI-driven solutions for the quick-service restaurant (QSR) industry, has completed the sale of assets to a group led by Remus Capital, including Link Ventures and Metropolitan Partners Group, PRST's previous lender.
After concluding the sale under the Article 9 process, the company announced a new entity which will operate under the name Presto Phoenix.
With an $18m investment from new stakeholders, PRST is now well-capitalised to focus on expanding its Voice AI business for American drive-through restaurant chains.
The company will remain private, retaining the complete Presto Voice platform, its underlying technology and its team.
Presto CEO Gee Lefevre stated: “The transition to a private company with a sustainable capital structure and the influx of new capital gives us the flexibility to accelerate our growth.
“We intend to win the QSR Voice AI market, given we’re the only player combining a market-leading product with deep restaurant industry expertise, and doing so with several expanding customers. We believe every drive-through chain in America can benefit from the magic of Presto’s AI in 2025.”
Presto Voice's custom AI technology is enhancing order-taking in drive-throughs.
The AI voice assistant allows staff to concentrate on more pressing tasks by reducing the need for excessive multi-tasking, and increases upsell opportunities leading to larger average check sizes.
Remus Capital CEO Krishna Gupta stated: “Remus is focused on Vertical Voice AI solutions, so I’m very excited that our consortium purchased PRST’s assets. We have acquired a home-grown AI product and team that are both best-in-class.
“Our new company will now be the largest American drive-through Voice AI company as well as the best-capitalised business in our market. As Presto starts fresh, we ask all our current and future customers, partners and investors: what can we get for you today?”
Presto has also unveiled a refreshed brand identity that includes a modernised logo and a revamped website.
In June 2024, PRST expanded its Presto Voice drive-through AI pilot to a Taco John’s outlet in Wyoming, US.
