Richtech Robotics is a Nevada company and a provider of AI-driven service robots for the hospitality and healthcare industries. The company went public in November and ADAM became the first humanoid robot to ring the Nasdaq opening bell.
To discover more, Digital Journal spoke with Matt Casella, President of Richtech Robotics about ADAM’s remarkable capabilities, which include vision and speech.
Digital Journal: Can you tell us a bit about Richtech Robotics?
Matt Casella: Founded in 2016, Richtech Robotics specializes in manufacturing robots catering to the needs of restaurants, hospitality, and service industries. We focus on indoor transport and delivery, sanitation, and food and beverage automation solutions, aiming to alleviate challenges posed by labour shortages in today’s dynamic market.
DJ: How are Richtech Robotics’ robots impacting the hospitality and restaurant sectors?
Casella: The profound impact of our robots is evident amid the prevailing staffing shortages in the hospitality and restaurant sectors. Reports from the American Hotel and Lodging Association and the National Restaurant Association underscore the critical need for automated solutions. With 82 percent of hotel operators and 62 percent of restaurant operators facing staffing shortages, Richtech Robotics’ innovative robots present a viable solution to meet this pressing demand.
DJ: In terms of recently going public, what is the importance of this milestone? Can you discuss your business model?
Casella: The company’s public stock market debut further solidifies our position as an industry frontrunner. Offering stock on the public market is a signpost for a company of our size to say that we’re here and we’re ready to grow.
The IPO launch, featuring about 2.1 million shares at $5 per share under the ticker symbol RR on the Nasdaq Stock Market, is a pivotal moment for Richtech Robotics. Our ambition extends beyond the IPO, aiming to expand our reach to over 1,000 locations nationwide within the next five years. Additionally, plans to diversify our robot offerings reflect a commitment to ongoing innovation and development.
Moreover, Richtech Robotics has strategically diversified its business models, encompassing direct sales of robots to businesses, partnerships leveraging their robot technologies, and the creation of Cloutea, a boba tea franchise featuring ADAM as its lead employee. The company aims to address labor challenges faced by businesses while simultaneously enhancing guest experiences, reducing operational complexities, and unlocking growth opportunities.
DJ: Can you tell us a little about ADAM ringing the opening bell?
Casella: The event highlighted Richtech Robotics’ commitment to transforming the service industry by leveraging collaborative robotic solutions to elevate customer experiences while empowering businesses to achieve unprecedented milestones.
DJ: Where has ADAM appeared previously?
Casella: ADAM’s illustrious history includes appearances as a bartender for prestigious companies like F1 and Microsoft, as well as a notable appearance on an episode of The Kardashians as Kendall Jenner’s 818 Tequila robot.
