Presto Automation finalizes sale of assets to consortium led by Remus Capital

USA – AI-driven solutions provider for quick service restaurants (QSR) Presto Automation has announced it has completed the sale of its assets to a consortium led by Remus Capital and includes Metropolitan Partners Group and Link Ventures.

After completing the sale through the Article 9 process, the company introduced a new entity named Presto Phoenix.

With an US$18 million investment from new stakeholders, the restructured business was positioned to focus on expanding its Voice AI solutions for American drive-through restaurants.

The company remained private, retaining its Presto Voice platform, proprietary technology, and team. 

Presto’s CEO, Gee Lefevre, stated that transitioning to a private entity with a sustainable capital structure and new funding would provide the flexibility needed to accelerate growth.

Lefevre emphasized the company’s commitment to becoming the leader in the QSR (Quick Service Restaurant) Voice AI market, citing its combination of an industry-leading product and extensive restaurant expertise.

The company aimed to enable every American drive-through chain to leverage its AI technology by 2025. 

The Presto Voice AI system focused on enhancing drive-through operations by taking over order-taking duties, allowing staff to focus on other priorities.

The technology was designed to boost upsell opportunities, resulting in larger average order values. Krishna Gupta, CEO of Remus Capital, remarked that the acquisition of PRST’s assets had brought in a top-tier AI product and team.

Gupta added that the new company would become the largest and best-capitalized drive-through Voice AI provider in the United States. He encouraged stakeholders to explore the company’s offerings under its renewed vision. 

Presto also revealed a rebranded identity, including an updated logo and website. In June 2024, the company expanded its Presto Voice drive-through AI pilot to a Taco John’s location in Wyoming, following a successful trial at a Minnesota outlet in April.

The Wyoming project was expected to be operational by August. 

The Presto Voice technology aimed to improve staff efficiency by handling order-taking, reducing labor costs, and enhancing customer experiences through real-time service.

The system also offered customizable upselling features to drive revenue growth.

Integration with Taco John’s operations was facilitated through Qu, a restaurant commerce platform, ensuring seamless connections with point-of-sale and kitchen production systems. 

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