BinSentry, a company focused on increasing efficiencies and sustainability in the $500B global animal feed supply chain, 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. Importantly, BinSentry has also 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 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.
“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 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,” says 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,” says 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.”
About BinSentry
BinSentry is focused on providing solutions for the agriculture supply chain that help increase efficiency, reduce costs, and enhance profitability. As a leader in the use of artificial intelligence, BinSentry offers technology solutions that pair best-in-class optical sensors with user-friendly software to provide our customers with enhanced forecasting and decision-making capabilities.
With our technology, feed mills and protein producers are enhancing feed ordering efficiency, raising healthier animals, improving employee safety, reducing their environmental footprint and – most significantly – uncovering new savings. Today, BinSentry is monitoring more than 20,000 bins in real time across North America. When it comes to the future of agricultural supply chain management, BinSentry is leading the way.
For more information visit www.binsentry.com
