Novo Labs

Founded in 2017 and headquartered in Dallas, US, Novo Labs, Inc. specializes in conversational commerce for restaurants. In June 2021, SYNQ3, LLC acquired Novo Labs from Silverton Partners.Novo Labs, Inc. specializes in providing a conversational commerce service that facilitates restaurant orders through high-volume voice channels, such as phone and drive-thru systems. Their core product leverages advanced artificial intelligence to transform voice interactions into digital transactions, enhancing both personalization and optimization for users. The service has successfully managed over a million fully-automated live voice interactions across more than a thousand restaurant locations, demonstrating its scalability particularly for large restaurant chains. Novo Labs targets the fast-food and casual dining sectors, offering solutions that address the complexities of customer communication in high-pressure environments, ensuring that their technology aligns with real-world ordering behaviors.Novo Labs generates revenue through partnerships with restaurant chains that utilize its voice ordering technology. The revenue structure is based on a subscription model, where clients pay a recurring fee for access to the service, supplemented by transaction fees for each order processed through the system. This model allows restaurants to streamline their operations while enhancing customer engagement. The transactions facilitated by Novo Labs involve direct interactions between the company's technology and the restaurant's operational framework, optimizing order accuracy and speed.Following the acquisition in June 2021, Novo Labs, Inc. is focused on expanding its product offerings and market presence. The company plans to develop new features for its conversational commerce service to enhance user interaction and is targeting additional markets within the US restaurant industry.

1. Seed

   Apr 22, 2019

   Amount

   $2M

   Investors

   Locked