The use of cassette technology in audio engineering is far from new: many decades ago, mixing consoles and other larger units were built this way. This allowed for quick configuration and service. However, many different standards were prevalent, and they were not compatible with each other.
Among the many different manufacturers was the US-based company API. After API consoles with cassette technology became popular in the 1970s, the manufacturer also made it possible to use its modules without mixing consoles, making them portable. The small module carrier was called the "Lunchbox," which is now commonly used as a synonym for Series 500.
Unlike other manufacturers who developed modular systems at least temporarily, API released the standard for use by all manufacturers. This has led to Series 500 establishing itself as a new standard in audio technology alongside the 19" format. Who knows, otherwise, the API company might be far less known today!