<ul><li>Piestro, a pizza-making robot developer, has closed its Series A equity crowdfunding round, raising USD 10.5 million. The company opened the campaign in February, targeting to raise USD 20 million at a valuation of USD 80 million.</ul>

• Today’s round brings its total funds raised to USD 16.9 million.

• At the time of the campaign launch, the company noted its intentions to utilize the funds to expand its food and robotics team and to increase production to meet rising demand.

<ul><li> Analyst QuickTake: Raising equity through crowdfunding is becoming increasingly popular and also successful in the restaurant industry robotics space. Startups that recently closed such campaigns include Miso Robotics (November 2021), smoothie-making robotic kiosk developer Blendid ( September 2021), and pasta-making robot developer DaVinci Kitchen (July 2021). Furthermore, Ally Robotics, a developer of smart robotic arms, launched a crowdfunding campaign in May, while Bobacino, a robotic boba tea bar developer, also extended its Series A crowdfunding round earlier this year.</ul>