In a statement, TabSquare said, the fresh investments will help it further enhance its AI-powered restaurant solutions and accelerate its growth in Asia Pacific markets, including Australia, Indonesia, Malaysia, Singapore, and Thailand.
The Series B funding round, which was closed more than two years after the company raised S$3.5 million ($2.57 million) in its Series A led by Walden International, was backed by Coca-Cola Amatil, Resorts World Inc and its existing investor.
Founded in 2012, TabSquare provides an integrated cloud-based operations management and customer engagement platform for the food & beverage industry.
The firm said, restaurants today are faced with scattered technology offerings – whether it’s reservations, reviews, delivery, or loyalty – that impact less than 10 per cent of their revenues and addresses only some of their pain points.
“We focused on solving the more critical pain points that are core to a restaurant’s profitability and which impact 90 per cent of the restaurant revenues,” TabSquare said.
The company said its main products – SmartTab eMenu and the SmartKiosk – uses artificial intelligence to make personalized menu recommendations and improve customers’ ability to order, pay, and deliver feedback.
It currently has 6,000 active terminals service over 12 million diners in the region annually.
“TabSquare has a very different view of the restaurant landscape and the role AI can play in propelling the industry forward. We believe each diner is unique and should be treated that way,” said co-founder Anshul Gupta.
He added that TabSquare will invest heavily in AI technology to “make it even more effective and personalized using additional data points, and superior algorithms”.
Kakaku.com Inc, the lead investor in the funding round, runs Tabelog, a restaurant discovery and reservation platform. It has a diverse service portfolio in multiple verticals, including shopping, food, travel, lifestyle, and real estate and is listed on the Tokyo Stock Exchange.
“We hope to benefit from TabSquare’s insights on in-restaurant user experiences, including AI enhanced recommendations, to explore an opportunity to bring them into the Japanese market,” Genta Sugihara, Executive Officer of Kakaku’s Corporate Development Division, said.
Last year, Kakaku.com Inc anchored the S$14 million ($10.1 million) Series B funding of MoneySmart.sg, the online personal finance portal based in Singapore.
Founded by three INSEAD graduates – Anshul Gupta, Chirag Tejuja, and Sankaran Sreeraman – TabSquare first raised $480,000 in its Seed Round in January 2013. The round was co-led by Get2Volume and INSEAD professor Serguei Netessine.