Chicago startup Chowbus lands major $81M funding boost for AI restaurant tech

Chicago startup Chowbus has secured $81 million in fresh funding, according to the Chicago Business Journal. The funds raised aim to grow its AI-powered restaurant tech. Investors include Prysm Capital and Left Lane Capital, with help from Dutchess, Fika, and Avid Bank, the Chicago Business Journal noted. The journal also confirmed this is one of the Windy City’s top fundraisers so far this year.

The cash comes as Chowbus reports strong numbers. It now sees over $120 million in annual recurring revenue, as reported by the Chicago Business Journal. That marks ninefold growth in four years. Processed transaction volume hits about $4 billion yearly across all 50 U.S. states and Canada, the journal said.

AI tools target underserved eateries

Founded in 2016 by CEO Linxin Wen and CTO Suyu Zhang, Chowbus started with Asian restaurants. According to Restaurant Technology News, it offered digital ordering and delivery to help immigrant-owned spots. Today, it provides point-of-sale systems, payments, payroll, and more.

"Our journey has always been about technology, equality, and reinvention with purpose," said Chowbus co-founder and CEO Linxin Wen, according to Restaurant Technology News.

The firm uses AI for digital ads, call handling, and orders. "I think AI can replace most restaurant services," Wen told the Chicago Business Journal. "You can pay a marketing agency for social media help or ads — or all that can be done better with AI."

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Chowbus eyes a shift to a full operating platform. Plans cover marketing, accounting, supply orders, and insurance. It expanded to Canada in February, the journal reported.

The Asian restaurant sector drives focus. It makes up 16% of the U.S. market, according to the Chicago Business Journal. Value could reach $240 billion by late 2026, per company data from Restaurant Technology News. Chowbus aims to rival big players like Toast and Square in a crowded field.