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nhf-binsentry sensor image.jpg BinSentry

BinSentry gains additional investors

Lewis & Clark AgriFood leads $7.7 million Series A financing round in BinSentry Inc.

Lewis & Clark AgriFood, a St. Louis, Mo.-based food- and agriculture-focused investment firm, announced Sept. 10 the closing of a $7.7 million investment round from their Lewis & Clark AgriFood Growth Fund in BinSentry, which provides digital sensor technology to help feed mills and farmers operate more efficiently.

Participation from additional investors includes BDC Capital’s Industrial Innovation Venture Fund and existing investors Garage Capital and Chilligo Investments, the announcement said.

BinSentry sensors are mounted on animal feed bins to provide real-time data on feed levels. The technology enables feed mills to operate more efficiently, optimize delivery routes and ensure that farmers will have the right amount of feed when they need it.

Other benefits include fewer costly ordering errors, reductions in late or unexpected feed orders and increased safety by eliminating the need for farm or feed mill employees to climb a bin to check inventory levels.

Founded in Ontario in 2017, BinSentry had more than 1,000 sensors installed in 2019, when the company received a Forbes Innovation Icon Award. The company currently serves more than 20 feed production operations, servicing in excess of 10,000 bins.

“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 of the BDC Capital Industrial Innovation Venture Fund. “In partnership with Lewis & Clark, we will be committed to support the global expansion of this Canadian ag-tech company.”

Industrial Innovation Venture Fund principal Jonathan Goodkey will join BinSentry’s board of directors.

BinSentry chief executive officer Randall Schwartzentruber said he is excited to team up with Lewis & Clark AgriFood and BDC Capital’s Industrial Innovation Venture Fund to promote the continued growth of his company. “Their participation supports our mission to be a leader in the agricultural technology revolution by bringing a game changing solution for feed bin management,” he said.

BinSentry is an agricultural technology company developing an innovative Internet of Things solution that enables feed mills and livestock producers to effectively monitor on-farm inventory, dramatically increasing operational efficiencies.

TAGS: Business
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