For livestock farmers empty feed bins are a far from ideal situation, animals need a reliable and constant supply of food. Climbing up a feed bin to check levels manually is not terribly reliable or without risk. Remembering to place timely feed mill orders is another task on the long list of duties associated with being a busy farmer. Last minute feed orders place a strain on the feed mill companies, causing inefficiencies in their delivery routes. Enter BinSentry, a company founded in Ontario, Canada, which has created a technical solution.
BinSentry’s LIDAR driven sensors are easily installed inside feed bins by their technicians. The sensors are IoT enabled and transmit live feed depth information every four hours to both farmer and feed mill. Now all parties know instantly how much feed is left so that supplies can be replenished with precision accuracy. No wastage, no hungry animals.
BinSentry currently serves over twenty feed production operations servicing a whopping 10,000+ bins. The sensors are solar powered and operate on low-power, long-range networks, transmitting data to the cloud for years without requiring any further servicing. The company received a Forbes Innovation Icon Award in 2019.
Lewis & Clark AgriFood Leads (USD)$7.7 Million Series A Financing Round in BinSentry Inc.
Interest in the company’s feed sensors has been high. This week a Missouri (US) based food and agriculture focused investment firm (Lewis & Clark) closed a (USD)$7.7 million investment round. Participation from additional investors includes BDC Capital’s Industrial Innovation Venture Fund and existing investors Garage Capital and Chilligo Investments.
“Feed bin monitoring is currently antiquated with significant opportunity to improve efficiency,” said David Taiclet, Managing Director and General Partner of Lewis & Clark AgriFood. “Our investment team, led by Dr. Larry Page and Suhas Narayanaswamy, has studied this sector in detail and BinSentry’s technology was a clear market leader. We’re very pleased to invest in BinSentry to help expand their innovative technology within the animal production industry.”
“Thanks to its inventive solution, BinSentry is well positioned to disrupt feed inventory management,” said Joe Regan, Managing Partner, Industrial Innovation Venture Fund, BDC Capital. “In partnership with Lewis & Clark, we will be committed to support the global expansion of this Canadian ag-tech company.” Jonathan Goodkey, Principal with the Industrial Innovation Venture Fund will be joining BinSentry’s Board of Directors.