Montreal-based FoodTech startup, YPC Technologies has raised 1.8M CAD in a seed funding round held in October 2020, led by Hike Ventures and Real Ventures. Toyota AI Ventures, Uphill Capital, and multiple angel investors whose names were not disclosed also participated in the funding round.
Proceeds from the funding round will be used to recruit more people in its engineering team and launch its beta version with a renowned multinational company.
Gunnar Grass and Camilo Perez founded the startup in 2016. YPC is building what possibly will be the first robot that can cook tons of recipes of the same quality as served in restaurants using fresh ingredients. The startup’s technology doesn’t intend to replace staff, rather its system collaborates with them, aiming to increase their output productivity by performing the highly monotonous cooking tasks. Since the technology is compact and does not require an exhaust hood, it can be run in locations that are not appropriate for a typical commercial kitchen.
YPC Technologies sells its units through subscriptions to business clients in the restaurant and cafeteria industry. The startup claims it can help its business patrons in a number of ways such as staff shortages, staff revenue, food hygiene, and new market prospects. It further plans to bring its robotic process automation system to the market with an industry titan, although not disclosing the name of that titan.
YPC Technologies also recently appointed Kaunteya Nundy as its Chief Operating Officer. Nundy had earlier worked in commanding roles at various investment firms, including Cordiant Capital, Cheverny Capital, and RBC Capital Corp.
Mikihiro Yasuda, managing partner at Hike Ventures said that YPC Technologies’ multipurpose approach to robotic cooking holds the capability of altering the way people prepare food in a variety of situations, simplifying the access to first-class meals. He quoted, “We are excited to co-lead this round with Real Ventures and help YPC to start commercializing their technology.”
YPC Technologies had participated in the FounderFuel 2018 program and gained approximately $500,000 CAD in pre-seed funding during the program from Real Ventures, Gan Ventures, Uphill Capital, and numerous angel investors.
The startup had raised $400K CAD in non-dilutive funding from SR&ED tax credits, Mitacs grant financing, and endowments from the Natural Sciences and Engineering Research Council of Canada, as reported by co-founder Gunnar Grass.
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