After raising approximately $50 million in funding, Picnic, a Seattle-based food automation startup, has officially ceased operations and liquidated its assets. The company, known for its innovative pizza-making robot, executed a General Assignment for the Benefit of Creditors on May 11, which permits an insolvent business to sell off assets without filing for bankruptcy.
CMBG Advisors Inc., a liquidator based in Santa Monica, California, has been appointed to oversee the asset liquidation process. According to James Baer, founder of CMBG, a buyer for Picnic's assets and intellectual property has already been identified, although details about the buyer and financial terms remain undisclosed.
Founded in 2016 as Otto Robotics, later becoming Picnic Works, the startup aimed to address the inefficiencies in food preparation, particularly through its flagship product, the Picnic Pizza Station. This device enabled a single worker to create up to 100 customized pizzas per hour by automating the topping process. The closure marks a significant shift for a company that had positioned itself in various high-traffic venues, including stadiums and universities.