Food: Dragontail expands into US food delivery and its new partner is growing faster than UberEats
Food & Agriculture
Food & Agriculture
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AI small cap Dragontail Systems (ASX:DTS) is getting into US food delivery.
It announced a collaboration with food delivery aggregator Postmates. Dragontail already has an agreement with North American-focused DoorDash as well as Asia-Pacific focused Kin Shun Information Technologies.
While Postmates only has 10 per cent market share, it is growing faster than UberEats, according to analytics firm Second Measure.
The company was valued in January at $US1.85 billion ($2.7 billion) at the time of its most recent fundraising round. Dragontail and Postmates share American hedge fund Tiger Global Management as a major investor.
Dragontail’s software optimises food preparation and delivery. The company says restaurants can save costs and increase customer satisfaction, and that this is the first such system in the world.
The technology is in place at over 1,600 locations, including 800 Dominos Pizza stores in Australia and New Zealand.
Shares climbed 3.2 per cent at market open.
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