It's just another automatic wok. There are many companies making those in China.[1][2][3][4] And those are just the pan style. The simpler rotating-drum machines are easily available on Alibaba.[5]
Those guys didn't do their homework to see what's available.
The home-sized ones often take a cartridge of little plastic bins preloaded with the ingredients and coded with the instructions. Just slip one of those in the slot, push start, and get a good hot meal.
You want to compete with China, you need to know what's already been done there. Remember those "Bodega" clowns? They apparently didn't know that much more advanced automatic convenience stores already exist in China.
Well, no, it's not just an automatic wok - there's a consumer experience around an automatic wok. Integrating everything so that there's no human involved whatsoever is a bit more difficult than ordering an automatic wok from Alibaba. If you're trying to serve freshy-cooked meals from a vending machine, there is so much more going on than just the heating elements.
Just to pick one: the supply chain is a real issue. Getting fresh ingredients into the machines, keeping them running, performing maintenance... all of that requires a well-tuned supply chain, knowledge of food sources, etc., especially since Spyce is targeting an upscale "fast-casual" (~healthy) demographic.
As a disclaimer I was pitched by this team in 2015-2016, and was pretty convinced that they weren't facing much local competition.
Just to pick one: the supply chain is a real issue. Getting fresh ingredients into the machines, keeping them running, performing maintenance... all of that requires a well-tuned supply chain, knowledge of food sources, etc., especially since Spyce is targeting an upscale "fast-casual" (~healthy) demographic.
As a disclaimer I was pitched by this team in 2015-2016, and was pretty convinced that they weren't facing much local competition.