AI-powered restaurant forecasting startup ClearCOGS has raised $3.8 million in an oversubscribed seed round led by Closed Loop Partners, with participation from Myriad Venture Partners and Hearst’s Level Up Ventures. The funding includes $2.3 million in new capital and the conversion of $1.4 million in pre-seed investments. The company’s software provides predictive analytics to assist operators in making decisions around food prep, ordering, and staffing, with an emphasis on reducing food waste and improving operational efficiency.
Company CEO Matt Wampler told The Spoon that he came up with the idea of ClearCOGS during the pandemic. He’d been being laid off and was exploring coding and analytics, when he discovered his cousin who ran a Jimmy John’s franchise was still using a decade-old Excel forecast. Wampler wondered if AI could help create a better predicitve forecasting tool, and before long he had teamed up with Osa Osarenkhoe to build a solution that uses machine learning and time-series forecasting that currover 100 million data points a day.
When ClearCOGS participated in our first virtual Food AI Summit a couple of years ago, Osa and Matt had started experimenting with leveraging large language models (LLMs) like those from OpenAI to create an interface for their forecasting tool. I asked Matt how those experiments with LLMs had gone.
“We did a whole big thing with it… It didn’t go well,” said Wampler. “And it wasn’t from a technical standpoint. It was from the standpoint of the restaurant brands we were talking to… they were like, ‘Look, my general manager can either just get on and play with your AI bot and it’ll tell them, or you can just send it to them? Just send it to them.’”
Wampler said the LLM interface wasn’t the problem. It was just that operators didn’t want to interact with it at all. Instead, they just wanted the answers delivered to them, simply and directly, through email and integrations with solutions from Toast or SevenRooms. This experience reaffirmed Wampler’s belief that proprietary forecasting (and not LLM-powered conversational AI) is where ClearCOGS can deliver the most value.
“LLMs are kind of a commodity at this point. Proprietary data sets are what really matters… You still have to be able to provide a fundamental business value before that AI is really helpful.”
While many platforms offer dashboards or raw analytics, ClearCOGS focuses on delivering direct, decision-ready insights to restaurant managers. This is central to how he differentiates the company:
“If you’re a brand, you probably have 20 or 30 questions that you have to answer every day… We go really deep on those and provide a systematic way of delivering those to your operators every day.”
With the new capital, ClearCOGS plans to accelerate its product development and customer acquisition efforts, with an emphasis of better positioning itself in the food service sector. The company currently serves a customer base of 100 brands in four countries, and Matt says they plan to continue building a lean team, prioritizing automation and AI over headcount.
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