‘Needs’ Secures Bridge Investment for AI-Based Food Supply Management

‘Needs’, a South Korean specialist in franchise food supply stock management, has received bridge financing from NEWKIDS INVESTMENT. Previously, ‘Needs’ was selected for the TIPS program after securing an investment from Komax Venturus.

The company is spearheading innovation in the franchise sector with its MIRI service, a dedicated solution for managing the expiry and stock of franchise food supplies. MIRI encompasses a comprehensive automated system that covers everything from ordering food supplies to their storage and dispatch. This system not only facilitates simple inventory management but also provides an AI-based automated stock management solution. Furthermore, it delivers POS and delivery data, enabling precise and efficient inventory management. ‘Needs’ is also actively expanding its customer base beyond franchises to include small business owners.

Han Wan-hee, CEO of NEWKIDS INVESTMENT, which facilitated this investment, remarked, “We anticipate that the MIRI service will significantly enhance the operational efficiency of both franchises and small business owners. NEWKIDS INVESTMENT is committed to vigorously supporting the growth of ‘Needs’, given its high potential for future expansion, and assisting it in becoming a leading company in the future food supply management market.”

Park Sang-ho, CEO of ‘Needs’, stated, “With the MIRI service, we aim to support efficient stock management in the catering industry and lead the digital transformation of the food service market towards a sustainable future. We have plans to evolve further by offering enhancements in demand forecasting systems and ordering system sophistication.”