Richtech Robotics Inc. (NASDAQ: RR) is a leading provider of robotic solutions, developing, manufacturing, and deploying novel products needed for automation in the service industry. The company’s solutions include delivery, commercial cleaning, food & beverage service, and customization and development service.
In an insightful conversation with AlphaStreet, president Matt Casella shed light on Richtech’s operations and growth strategy. Matt oversees corporate strategy, including expansion of the company’s robotic restaurants and financing activities.
Can you give a brief overview of Richtech Robotics?
Richtech Robotics is a provider of collaborative robotic solutions specializing in the service industry, including the hospitality, healthcare, and automotive sectors. Our mission is to transform the service industry through collaborative robotic solutions that enhance the customer experience and empower businesses to achieve more. By seamlessly integrating cutting-edge automation, we aspire to create a landscape of enhanced interactions, efficiency, and innovation, propelling organizations toward unparalleled levels of excellence and satisfaction.
Please share your views on the company’s role in shaping the industry’s future, considering the widespread adoption of AI and robotics.
We are applying our robotic applications in everyday business operations. Our robots are actively generating revenue for businesses across the country. We will continue to deploy revenue-generating robots and through our commercial venture – AlphaMax Management – we are guiding businesses through the process of becoming a robotics-driven business. We are ushering in the new age of business.
Can you shed light on your strategies for increasing market share in the US and globally?
Our strategy to increase market share in the US and globally focuses on developing strategic partnerships. We are not only strengthening collaborations with global tech leaders to enhance our product functionality, but also partnering with international retail, facilities management, and hospitality enterprise customers.
Through our comprehensive offering of leading robotic technology solutions, we help these enterprises revolutionize business operations and elevate their customer experience. This allows us to scale robots quickly across both their U.S. and international locations. In parallel, we are actively growing our distributor network across various states, working with regional partners who have technical service capabilities and the local touch-and-feel that builds trust with our customers. Through these partnerships, we aim to expand both our sales and service network capabilities, increasing the speed we scale our robotic fleet in the U.S. and globally.
What are the main R&D activities currently underway at Richtech Robotics, and how do they align with your long-term goals?
For our R&D efforts, integrating AI is a top priority, aimed at both accelerating progress and enhancing customer experience. For example, we utilize NVIDIA Isaac to simulate robot operations across various physical environments and keep training the robots, which reduces development time and costs associated with real-world testing. In addition to improving business automation, we leverage AI to analyze restaurant, hotel, and hospital operational workflows after robots are deployed, continuously updating business SOPs for greater efficiency. Furthermore, AI integration enhances customer interactions, as we are developing an instant voice chat system that allows customers to communicate with robots, place orders, and receive AI-driven recommendations.
Can you discuss the ethical considerations Richtech Robotics is addressing, given the rapid integration of robotics into society?
We believe in the importance of robots working alongside people and being a strong partner by increasing efficiency and streamlining operations. Our mission is to bring people together by automating the tasks that keep them apart. Richtech Robotics’ products help automate repetitive and mundane tasks such as production, cleaning, and delivery. This automation gives human staff more time to handle complex and revenue-generating tasks and responsibilities. It can also generate revenue for our clients and solve business challenges, optimize operations, improve productivity, and save costs. Added revenue by utilizing our solutions can mean increased opportunities for employment across the supply chain. Additionally, our robots are often used in industries where there are labor shortages, which can impact customer service and talent retention.