Richtech Robotics

Richtech Robotics, listed on Nasdaq since November 2023, is a developer of restaurant service robots for various tasks including food and beverage preparation, food delivery, and cleaning. The company’s product portfolio includes 1) “ADAM,” an interactive robot bartender/barista, which also can be trained to perform as a sous chef; 2) “ARM,” a robotic arm that can function as a barista, a fry cook, or a sous chef; 3) the “Matradee” product line, a line of autonomous mobile server robots; and 4) robotic floor cleaners, DUST-E SX and DUST-E MX.  

ADAM has the capability to prepare 100+ drink recipes and can prepare a drink within a minute. It also can use both its arms to prepare two drinks simultaneously. The robot’s interactive capabilities include interacting with customers, telling jokes, and dancing. ADAM is available for events on a rental basis. In January 2024 , Richtech Robotics unveiled an advanced AI product update for ADAM, enabling it to predict customer needs more accurately and efficiently, enhancing its interactive capabilities. 

ARM is a robotic arm designed to serve a range of cooking and drink-making functions, and it has six joints that can move from 180° to 270° in each arm. It can operate 24/7 and can be built with custom grips to suit different customer needs. The company claims a precision level within ± 1mm.  

The company’s Matradee robot server and busser line comes in three variations: Matradee, Matradee X, and Matradee L. The robots are powered by LiDAR and AI camera technology and have a carrying capacity of up to 12 meals, a battery life of 12–15 hours, and a display screen for advertisements and other branded graphics. 

Key customers and partnerships

As of January 2024, Richtech Robotics had an operational presence across 120+ countries and a US customer base of 1,000+ companies. Richtech Robotics’ restaurant customers include IHOP, New London restaurant, and Dua Vietnamese Restaurant. In December 2023, Richtech Robotics entered a strategic partnership with MAC USA, a Vietnamese point-of-service (POS) provider, to integrate ADAM and Matradee L with MAC USA’s POS systems. In January 2024, the company signed a letter of intent with Ghost Kitchens International to launch 240 ADAM units at Ghost Kitchens locations. 

Funding and financials

In November 2023, Richtech Robotics closed an upsized initial public offering (IPO), raising about USD 10.5 million. Richtech Robotics generated revenue of USD 8.8 million and incurred an operating loss of USD 289,000 during FY2023 (year ended september).