Miso Robotics, Makers of 'Flippy,' Secures $3.1 Million in Funding; Enters IP Services Agreement with Acacia Research to Drive AI Solutions for the Restaurant Industry

PASADENA, Calif., July 6, 2017 /PRNewswire/ -- Miso Robotics, an innovative leader in robotics and artificial intelligence solutions, announced today it has secured $3.1 million in funding from Acacia Research Corporation (NASDAQ:ACTG), Match Robotics VC, and undisclosed strategic investors. Miso will use the funding to deliver 'Flippy,' its first commercial product, an adaptable AI-driven robotic kitchen assistant that will work alongside kitchen staff to improve operational efficiency for the restaurant industry.  The first installation of Flippy will be in CaliBurger'sLos Angeles area location. The investment in Miso represents Acacia's second investment in companies seeking to transform the marketplace through Artificial Intelligence.

Miso also announced it has entered into an IP services agreement with Acacia Research to drive AI-based solutions for the entire restaurant industry. "Acacia's expertise in intellectual property and its leadership in the emerging AI space will help Miso achieve our vision of bringing innovative technology to the often-overlooked restaurant industry," said David Zito, co-founder and CEO of Miso Robotics.

Zito continued, "Miso is transforming the restaurant industry and we will continue to grow our team of roboticists and AI experts, deepening our collaborative ties with the Caltech community and deliver our adaptable AI-solutions for our first restaurant customers.  We are excited about the impact Miso's AI-based solutions will have for the restaurant industry."

Acacia Research President Rob Stewart commented, "We're impressed with Miso' s talented team of industry veterans and their category-leading AI technology that makes them well positioned to take advantage of the considerable market opportunity in the restaurant industry."

Miso Robotics received worldwide attention following the debut of its AI-driven robotic kitchen assistant that will work alongside kitchen staff to grill burgers, starting with CaliBurger restaurants. While artificial intelligence is being successfully tested and employed to drive cars, manage the home and message with customers, Miso Robotics is bringing robotics and AI into the kitchen in a meaningful way. 

Miso Robotics plans to roll out its AI-driven robotic kitchen assistant in early 2018 and expand to more than 50 CaliBurger restaurants worldwide by the end of 2019.

About Miso Robotics
Miso Robotics (misorobotics.com) is revolutionizing the restaurant and prepared food industries with innovative robotics and artificial intelligence AI solutions. Miso was founded with a mission to leverage AI technology to help chefs cook food perfectly and consistently and enable restaurants to increase labor productivity, reduce costs and drive profitability while improving the overall dining experience.  Miso employs a respected team of roboticists, engineers and industrial designers from Caltech, Cornell, MIT, Carnegie Mellon, Art Center and UNC Chapel Hill.

About Acacia Research Corporation
Founded in 1993, Acacia Research Corporation (NASDAQ: ACTG) is the industry leader in patent licensing. An intermediary in the patent marketplace, Acacia partners with inventors and patent owners to unlock the financial value in their patented inventions. Acacia bridges the gap between invention and application, facilitating efficiency and delivering monetary rewards to the patent owner. For more information, visit: acaciaresearch.com

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This news release may contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based upon our current expectations, and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including the recent economic slowdown affecting technology companies, our ability to successfully develop products, rapid technological change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. Our Annual Report on Form 10-K, recent and forthcoming Quarterly Reports on Form 10-Q, recent Current Reports on Forms 8-K and 8-K/A, and other SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

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SOURCE Miso Robotics