It also has a fresh infusion of $4.9 million in funding, thanks to an investment round reported in a filing with the Securities and Exchange Commission.
And it has a fresh vision that could well extend beyond robotic food preparation, according to co-founder and CEO Garett Ochs. That’s one of the big reasons for the name change.
Ochs said the latest funding round was led by Vulcan Capital, Microsoft co-founder Paul Allen’s investment channel, with other as-yet-undisclosed investors also participating. Vulcan and Draper Associates took part in the two-year-old startup’s$1.5 million seed investment round last year.
The SEC filing said that 19 investors have participated in the latest offering and that $1.4 million of the $6.3 million in offered equity remained to be sold.
“The analogy that I like to use is, Henry Ford, invented the assembly line, and Toyota perfected it,” Ochs said. “McDonald’s invented the quick-service restaurant, and we’d like to perfect it. … We would like to be the Toyota of this technology.”
The Vivid brand wouldn’t be reflected in what customers actually consume. Rather, the technology could be applied to different types of branded food, or even to non-food items manufactured using Vivid’s approach to automation. A similar strategy is used by Yum! Brands, the fast-food conglomerate that operates Taco Bell, KFC, Pizza Hut, and WingStreet.
Source: Geek Wire