Overview

Raised this Round: Raised: $4,877,160

Total Commitments ($USD)

Platform

Dealmaker Securities

Start Date

07/31/2023

Close Date

09/26/2023

Min. Goal
$25,000
Max. Goal
$4,999,996
Min. Investment

$1,004

Security Type

Equity - Common

Series

Series E

SEC Filing Type

RegCF    Open SEC Filing

Price Per Share

$4.97

Pre-Money Valuation

$221,301,113

Year Founded

2016

Industry

Industrial Services

Tech Sector

Foodtech

Distribution Model

B2B

Margin

Low

Capital Intensity

High

Location

Pasadena, California

Business Type

Growth

Miso Robotics is raising funds on Dealmaker Securities. The company has developed an AI-enabled robot that functions as a kitchen assistant. Flippy, the robotic chef, cooks food along with other chefs in commercial kitchens and makes the process more efficient and consistent. The company has also designed Flippy 2 Wings as the robotic chicken wing frying solution, Flippy Lite, Sippy, CookRight, and CookRight Coffee. Buck Jordan, Ryan Sinnet, Rob Anderson, and John Miller founded Miso Robotics in 2016. The current crowdfunding campaign has a minimum target of $25,000 and a maximum target of $5 million. The campaign proceeds will be used for product development, manufacturing, hiring, and strategic marketing.

Summary Profit and Loss Statement

FY 2022 FY 2021

Revenue

$272,850

$31,650

COGS

$599,266

$233,399

Tax

$0

$0

 

 

Net Income

$-45,423,112

$-25,135,863

Summary Balance Sheet

FY 2022 FY 2021

Cash

$10,676,321

$13,742,525

Accounts Receivable

$87,700

$31,650

Total Assets

$24,945,139

$15,888,279

Short-Term Debt

$7,193,947

$2,369,641

Long-Term Debt

$7,856,092

$0

Total Liabilities

$15,050,039

$2,369,641

Financials as of: 07/31/2023
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Raise History

Offering Name Close Date Platform Valuation/Cap Total Raised Security Type Status Reg Type
Miso Robotics 03/26/2025 Dealmaker Securities $266,023,737 $6,033,888 Equity - Common Active RegA+
Miso Robotics 09/25/2023 Dealmaker Securities $221,301,113 $4,877,160 Equity - Common Funded RegCF
Miso Robotics 09/17/2023 Dealmaker Securities - $4,877,160 Equity - Common Funded RegD 506(c)
Miso Robotics 11/17/2022 Dalmore Group $519,931,951 $3,481,168 Equity - Preferred Funded RegA+
Miso Robotics 07/30/2022 Dalmore Group $500,000,000 $53,447,915 Equity - Preferred Funded RegA+
Miso Robotics 12/13/2021 Self Managed - $541,872 Equity - Common Funded RegD 506(c)
Miso Robotics 11/21/2020 SeedInvest $80,000,000 $16,718,284 Equity - Preferred Funded RegA+
Miso Robotics 04/24/2018 Self Managed - $10,000,000 Equity - Common Funded RegD 506(b)
Miso Robotics 06/27/2017 Self Managed - $3,000,000 Equity - Common Funded RegD 506(b)
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Revenue History

Note: Revenue data points reflect the latest of either the most recent fiscal year's financials, or updated revenues directly from the founder, at each raise's close date.

Valuation History

Price per Share History

Note: Share prices shown in earlier rounds may not be indicative of any stock splits.

Employee History

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Analyst Report

Synopsis

Miso Robotics is a company that develops artificial intelligence (AI)-enabled robots designed to assist chefs in commercial kitchens. The company's flagship product, Flippy, can cook food alongside human chefs, ensuring consistency and efficiency in the cooking process. Flippy utilizes computer and thermal vision to cook food perfectly every time, making it an invaluable asset in commercial kitchens.

Flippy has become a household name since its inception, garnering over 10 billion organic media impressions. The robotic chef is currently in operation in several locations, including the LA Dodgers Stadium, Arizona Diamondbacks Chase Field, and three CaliBurger locations.

Besides Flippy, Miso Robotics has developed other robotic solutions such as Flippy 2 Wings, a robotic chicken wing frying solution, Flippy Lite, Sippy, CookRight, and CookRight Coffee. These products further showcase the company's commitment to revolutionizing the commercial kitchen space through AI and robotics.

Miso Robotics' current crowdfunding campaign on Dealmaker Securities has a minimum target of $25,000 and a maximum target of $5 million. The funds raised will be used for product development, manufacturing, hiring, and strategic marketing, further fueling the company's growth in the food robotics market.

Next Section: Price

Price

Miso Robotics is raising funds at a valuation of $221.3 million. While the company has developed an innovative product in the form of Flippy, the current valuation appears to be significantly inflated, even for the robotics space. With an annual revenue of just $272,850, the revenue multiple for Miso Robotics stands at an astonishing 811.07. Even though revenue multiples for robotics companies tend to trend high, this valuation multiple is exceptionally high, especially considering the company's low revenue and margin level.

Investors should carefully consider the substantial overvaluation of Miso Robotics before making any investment decisions. While the company has notable partnerships and a unique product offering, the current price per share of $4.97 may not align with the company's current financial performance and growth prospects.

Next Section: Market

Market

The food robotics market, where Miso Robotics operates, is witnessing increasing growth and is expected to be valued at $1.37 billion by 2023. This represents a compound annual growth rate (CAGR) of 13.0% from 2017, indicating a robust and healthy market for the company's products and services. Miso Robotics' offerings, such as Flippy the robotic chef and Flippy Lite, are designed to enhance the efficiency and consistency of food preparation in commercial kitchens, addressing a growing need in the food service industry.

While the food robotics market is growing, it is also moderately competitive. Miso Robotics faces competition from companies such as Nala Robotics, Hyphen, Lab2Fab, and Picnic, which could limit its market share. However, Miso Robotics' patents and developing unique products such as Flippy 2 Wings and CookRight Coffee may serve as differentiators in this competitive landscape.

The primary revenue model for Miso Robotics is recurring, suggesting a focus on long-term customer relationships and steady revenue streams. This model is well-suited to the B2B distribution approach the company uses, targeting businesses that require consistent and efficient food preparation services.

The market acceptance for Miso Robotics' offerings is currently low, possibly due to the relatively new concept of food robotics in commercial kitchens. However, as the industry grows and more businesses recognize the benefits of automating food preparation tasks, the acceptance of these technologies is likely to increase. The high growth potential of the market at a CAGR of 10.4% suggests that Miso Robotics is well-positioned to capitalize on the expanding opportunities within the food robotics industry.

Next Section: Team

Team

Buck Jordan and Ryan Sinnet co-founded Miso Robotics. Jordan serves as the company's President and Chairman. He is a serial entrepreneur with a background in finance and venture capital. He has a strong track record of building and scaling companies, crucial for Miso Robotics' growth. Jordan's LinkedIn profile shows that he has been involved in several successful ventures, including Canyon Creek Capital, a venture capital firm he co-founded.

Ryan Sinnet, the other co-founder, is the Chief Research Officer. He is a first-time founder with seven years of relevant industry experience. Sinnet's role is crucial to the company's success, as he is responsible for researching and developing the company's products. His experience and knowledge in the industry are vital for the company's growth and innovation.

The team has grown to 70 members, indicating a medium decline since the last round. Despite this, the team's skills are complementary, which is essential for a successful business.

Overall, the Miso Robotics team has a good mix of entrepreneurial, financial, and technical expertise. The founders' backgrounds and the team's diversity and complementary skills make it well-equipped to navigate the challenges of the robotics industry and position the company for growth.

Next Section: Differentiation

Differentiation

Miso Robotics has developed an AI-enabled robot named Flippy, which serves as a kitchen assistant in commercial kitchens. Flippy works alongside human chefs, using computer and thermal vision to cook food perfectly and consistently every time. This innovative solution aims to make the cooking process more efficient and reliable. Flippy has already gained significant recognition, with ten billion+ organic media impressions and installations in prominent venues such as LA Dodgers Stadium, Arizona Diamondbacks Chase Field, and CaliBurger locations.

Miso Robotics has a clear advantage in the market as it currently faces no established competitors. However, there are several direct competitors in food robotics, including Nala Robotics, Hyphen, Lab2Fab, and Picnic. But the fact that Flippy has already gained significant traction and is being used by paying customers further supports the notion that Miso Robotics has a competitive edge.

With a strong focus on innovation and disruption, Miso Robotics has received significant venture capital backing and has filed for multiple patents. The company's growth stage and high-quality differentiation level further demonstrate its potential in the market.

In summary, Miso Robotics stands out as a leader in the food robotics industry, offering an AI-enabled kitchen assistant that enhances efficiency and consistency in commercial kitchens. The company's success in securing paying customers and its partnerships, along with its clear differentiation and disruptive nature, position Miso Robotics for further growth and success in the market.

Next Section: Performance

Performance

Miso Robotics has made significant progress in developing and adopting its AI-enabled kitchen assistant, Flippy. The company has secured partnerships with major players in the food industry, including Chipotle, Panera Bread, and Inspire Brands. These partnerships demonstrate the industry's recognition of the value that Miso Robotics brings to commercial kitchens. Additionally, Miso Robotics has successfully deployed Flippy in notable locations such as LA Dodgers Stadium, Arizona Diamondbacks Chase Field, and three CaliBurger locations.

The company's product offerings extend beyond Flippy, with the development of Flippy 2 Wings as a specialized solution for frying chicken wings, as well as other products like Flippy Lite, Sippy, CookRight, and CookRight Coffee. This diverse product portfolio allows Miso Robotics to cater to various needs within the food industry and expand its revenue streams.

Financially, Miso Robotics has raised significant capital, with $96.3 million raised in prior funding rounds. The company had cash and cash equivalents of $10.7 million at the end of its most recent fiscal year. However, it is important to note that Miso Robotics has a monthly burn rate of approximately $3.8 million, indicating a high cash consumption level.

Despite its progress and partnerships, Miso Robotics has experienced a decline in team growth since its last funding round. This may be an area of concern, as a growing team often indicates a company's ability to execute its business plans effectively.

While Miso Robotics has paying customers and a recurring revenue model, its annual revenue currently stands at $272,850, representing a stagnant growth rate. It will be important for the company to focus on scaling its revenue and achieving profitability in the future.

Overall, Miso Robotics operates in a moderately competitive landscape and has demonstrated promising growth potential with its innovative products and partnerships. However, the company needs to address its high burn rate and work towards increasing its revenue to achieve long-term success.

Next Section: Risk

Risk

Miso Robotics presents several risks that potential investors should consider. The company is facing challenges in terms of market acceptance. While Flippy, the robotic chef, has gained some recognition and is currently deployed in a few locations, the market as a whole has not fully embraced the technology. This lack of widespread acceptance could impact the company's ability to scale and generate significant revenue.

Financially, Miso Robotics has a negative net income and has experienced a significant burn rate, with a monthly burn of $3.8 million. The company also carries substantial debt, including short-term and long-term debts. Furthermore, Miso Robotics is considered overvalued based on its current revenue and valuation metrics.

Overall, while Miso Robotics has developed innovative AI-enabled robotic solutions, potential investors should carefully evaluate the risks associated with market acceptance, financial performance, competition, and the commitment of the company's founders.

Next Section: Bullish Outlook

Bullish Outlook

Miso Robotics has made significant strides in the food robotics market with its innovative AI-powered kitchen assistant, Flippy. The company's flagship product has gained significant recognition and is currently utilized in high-profile locations such as LA Dodgers Stadium, Arizona Diamondbacks Chase Field, and CaliBurger. With its advanced computer and thermal vision capabilities, Flippy ensures consistent and perfectly cooked food every time, revolutionizing kitchen operations. With strong partnerships and a solid user base, Miso Robotics has become a key player in the US food robotics market.

The company has diverse products beyond Flippy, including Flippy 2 Wings, a robotic chicken wing frying solution, Flippy Lite, Sippy, CookRight, and CookRight Coffee. This portfolio of solutions demonstrates Miso Robotics' commitment to addressing various needs within the food service industry.

Miso Robotics has also attracted significant investment from venture capital firms, including Wavemaker Partners, Avista Investments, and Meyer Global Management. This backing provides financial support and validates the company's potential and market position.

Looking ahead, Miso Robotics is poised for continued growth as it expands its product line, invests in product development and manufacturing, and strategically markets its offerings. The company's innovative solutions, strong market potential, and established partnerships position it well in the competitive landscape of the food robotics industry.

Next Section: Bearish Outlook

Bearish Outlook

Despite Miso Robotics' impressive technology and notable partnerships, there are several concerns that investors should consider. Firstly, the company's financials raise red flags. Miso Robotics reported only $272,850 in annual revenue, which shows a lack of significant traction in generating sales. Additionally, the company incurred a net loss of $45,423,112 in the most recent fiscal year, indicating a substantial gap between expenses and revenue. Miso Robotics has a high monthly burn rate of $3,785,259.33, which could deplete its available cash quickly.

Furthermore, the valuation of Miso Robotics seems highly inflated, with a pre-money valuation of $221,301,113. Given the company's modest revenue and significant losses, it isn't easy to justify such a high valuation. Investors should be cautious about investing at this elevated price point, as the potential for significant returns may be limited.

Lastly, the competitive landscape for Miso Robotics is moderately competitive, with direct competitors such as Nala Robotics, Hyphen, Lab2Fab, and Picnic. While Miso Robotics has successfully garnered media attention and established partnerships, it will need to continuously innovate and differentiate itself to stay ahead of the competition in the evolving food robotics market.

Considering the company's financial performance, inflated valuation, concerns about founder dedication, and competitive landscape, investors should approach Miso Robotics cautiously and carefully evaluate the potential risks before making an investment decision.

Next Section: Executive Summary

Executive Summary

Miso Robotics is a technology company that has developed an AI-powered robotic kitchen assistant named Flippy. The company's innovative solution is designed to work alongside chefs in commercial kitchens, using computer and thermal vision to cook food consistently every time. Miso Robotics has established partnerships with major food chains like Chipotle and Panera Bread and is already operating in several locations, including LA Dodgers Stadium and Arizona Diamondbacks Chase Field.

Despite its innovative technology and high-profile partnerships, Miso Robotics faces significant challenges. The company is in a pre-profit phase, with a net income of negative $45 million. It has a high burn rate and has raised $96.3 million in prior rounds, generating only $272,850 in annual revenue. This indicates a significant gap between the company's spending and revenue generation. Given its current financial performance, the company's valuation of over $221 million seems overvalued.

Competitors in the food robotics market, such as Nala Robotics and Picnic, also present a challenge. However, Miso Robotics' patented technology and established partnerships may give it a competitive edge. The company plans to use the proceeds from the current crowdfunding campaign for product development, manufacturing, hiring, and strategic marketing, which could potentially drive future growth. The company's innovative solution and growth potential in the expanding food robotics market may appeal to investors despite the risks.

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Miso Robotics on Dealmaker Securities 2023
Platform: Dealmaker Securities
Security Type: Equity - Common
Valuation: $221,301,113
Price per Share: $4.97

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