Montreal-based YPC Technologies, a food robotics company with the goal of making good food more accessible, has closed a $1.8 million CAD seed round, bringing the startup’s total equity funding to date to $2.3 million.
“YPC Technologies’ versatile approach to robotic cooking has the potential to alter the way we prepare food.”
The round was co-led by Hike Ventures and returning investor Real Ventures, with participation from Toyota AI Ventures, Uphill Capital, and multiple unnamed angel investors. YPC Technologies will use the financing to expand its engineering team and launch its beta version with an industry-leading multinational.
YPC Technologies was co-founded by Gunnar Grass and Camilo Perez. The company is building what could be the first robot that can prepare thousands of recipes at “restaurant quality” using fresh ingredients.
YPC Technologies participated in the FounderFuel 2018 cohort and received approximately $500,000 CAD in pre-seed funding during the program from Real Ventures, Gan Ventures, Uphill Capital, and several angel investors.
Grass told BetaKit the startup has also raised $400,000 in non-dilutive funding from organizations and programs such as SR&ED tax credits, Mitacs grant financing, and grants from the Natural Sciences and Engineering Research Council of Canada.
Rather than replacing staff, the startup’s system collaborates with humans, aiming to increase their output efficiency by taking care of highly repetitive cooking tasks. Since the technology is compact and does not require a vented range hood, it can be operated in locations that are not suited for a standard commercial kitchen.
RELATED: Canadian Food Innovators Network receives $30 million from federal government
YPC Technologies sells its units on a subscription basis to enterprise clients in the restaurant and cafeteria industry. The startup said it can help clients with labour shortages, staff turnover, food hygiene, and new market opportunities.
In 2021, YPC Technologies said it plans to bring its system to market with an “industry-leading partner,” although the partner was not disclosed by the company.
YPC Technologies also recently tapped Kaunteya Nundy as its chief operating officer. Nundy previously served in senior roles at a number of investment firms, including Cordiant Capital, Cheverny Capital, and RBC Capital Corp.
“YPC Technologies’ versatile approach to robotic cooking has the potential to alter the way we prepare food in a variety of settings, democratizing the access to high-quality meals,” said Mikihiro Yasuda, managing partner at Hike Ventures. “We are excited to co-lead this round with Real Ventures and help YPC to start commercializing their technology.”
Image courtesy YPC Technologies.