BinSentry has secured $15M in the form of a Series B round, led by Spring Mountain Capital, a private investment management firm. Additionally, BinSentry publicized it recently crossed a market penetration threshold with over 20,000 feed bins monitored daily.
A company focused on increasing efficiencies and sustainability in the $500B global animal feed supply chain, BinSentry has secured $15M in new capital in the form of a Series B round led by Spring Mountain Capital, as well as additional debt financing. BinSentry has also reportedly crossed a major milestone in market penetration.
Using data analytics and artificial intelligence (AI) to manage large supply chains and cut costs is a hot topic in agriculture. BinSentry points out it has made significant technology advancements in applying AI to its feed management software platform. Pairing best-in-class IoT sensors that deliver over 98% accuracy for feed inventory monitoring, coupled with software tools that use AI to create alerts and suggestions, unlocks new cost savings and valuable insights for feed mills and animal producers.
BinSentry recently closed a funding round, securing $15M in new capital. Spring Mountain Capital is joining the effort in a sign that BinSentry is maturing and gaining commercial traction, the company states.
“We have been incredibly impressed with what BinSentry has built over the last five years, led by Ben Allen. Bringing digital transformation to the agricultural industry will not only unlock cost savings, efficiencies, and insights, but also serve to improve animal health. The capital that we have provided will help the company continue to accelerate growth and extend their product portfolio,” says Jamie Weston, a partner at Spring Mountain Capital.
At the same time, BinSentry publicized it recently crossed a market penetration threshold with over 20,000 assets monitored daily. An average of 1,500 new assets are added to its monitoring service every month, outpacing competitors by a significant margin.
“Our customers represent some of the largest agricultural companies in the world,” points out Ben Allen, CEO at BinSentry. “Supporting their efforts to cut costs, improve employee safety, and improve sustainability is a mission that we take seriously every day. With so many assets monitored daily we can provide our customers with unique insights that immediately impact their profitability.”
A key insight that has emerged from the BinSentry data set is that out-of-feed events due to feed bin slide management, a manual process that must be performed at animal barns daily, account for over 70% of all out-of-feed issues.
“Feed conversion ratios are one of the most important metrics for animal producers,” adds Mauricio Diaz, President of HANOR, the 14th largest pork producer in the United States. “Being able to see and address all feed issues is a key component to lowering feed conversion ratios, which lowers costs and increases sustainability.”
