Tech: The only ASX small cap in food delivery has gone from processing thousands to millions of orders
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There is only one ASX small cap involved with food delivery, Dragontail Systems (ASX:DTS), and it had a very festive December indeed.
The company has a software solution (Algo) which optimises food delivery and preparation. Its restaurant clients include Pizza Hut and Dominos and it collaborates with American local delivery firm Postmates.
Dragontail’s software package includes a quality control camera which ensures food ingredients are added and distributed correctly.
This morning Dragontail told shareholders it processed 6.5 million orders last month which is 10 times more than December 2018.
On an individual food item basis it processed 11.5 million orders compared with 850,000 in the prior corresponding period — a surge of 13-and-a-half times.
And Dragontail is expecting even more growth in the year ahead.
“Dragontail as of today is the only technology in the world that possesses every key data point inside and outside the restaurant, enabling us and our customers to find more ways to streamline their operations and improve customer experience,” managing director Ido Levanon said.
“We are looking forward to another year of continued growth within multiple markets.”
Dragontail shares had a disappointing 2019, nearly halving in value, but this morning’s news sent it 12 per cent higher.
Virtual reality play Vection Technologies (ASX:VR1) spent most of 2019 focused on the car industry, helping customers of Volvo in Italy design and customise their cars through virtual reality.
Today it told shareholders it will do similar wonders for the fashion industry. Vection is teaming up with European fashion designer MYR (Make your Rags) to design an in-store fashion configurator beginning in February.
Fintech Novatti Group (ASX:NOV) is raising $18m for one of its banking subsidiaries. The money will be used to enhance its technology and help it meet capital requirements to become a restricted authorised deposit-taking institution. The latter is a major step for many fintechs because it allows them to conduct their business on a restricted basis for two years. After this most firms eventually become fully authorised deposit taking institutions, although they need to meet requirements.
Smart earbud maker Nuheara (ASX:NUH) launched the latest generation of its earbuds which feature engineering enhancements and design features. The IQbuds MAXes are now available for pre-order and will cost $499.