15 AI News Investors Should Not Miss

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13. Richtech Robotics Inc. (NASDAQ:RR)

Number of Hedge Fund Holders: 2

Richtech Robotics Inc. (NASDAQ:RR) offers collaborative robotic solutions for automation in the service industry. The company helps businesses generate revenue and save time by offering AI-driven robotic solutions.

On October 17, Richtech Robotics Inc. (NASDAQ:RR) revealed that it plans to use its robotics and artificial intelligence cloud technology to run 20 more Walmart-located restaurants in Arizona, Colorado, and Texas. In a binding letter of intent signed with Ghost Kitchens America, the companies will enter into a franchise agreement whereby Richtech Robotics Inc. (NASDAQ:RR) will acquire exclusive rights to operate the restaurants.

The restaurants will be directly managed by Richtech Robotics’ subsidiary, AlphaMax Management LLC. The agreement aims to optimize restaurant operations through robotics and AI cloud technology, with each location expected to generate between $700,000 and $2 million in annual revenue.

“All Walmart locations where we’ve signed agreements with Richtech Robotics have strong sales numbers and steady customer traffic. Based on our previous collaborations, Ghost Kitchens is confident that Richtech Robotics’ robotic technology and operational management services will maximize the performance of these restaurants. We look forward to further expanding our partnership with Richtech Robotics as we rapidly grow our restaurant footprint”.

– George Kottas, CEO of Ghost Kitchens America.

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