BinSentry has received a new patent for a method to use artificial intelligence (AI) to accurately determine the volume of animal feed in a bin using a time-of-flight sensor or other similar hardware. At the same time, BinSentry has closed a Series B funding round, securing more than US$7 million in new capital.
BinSentry increases efficiencies and sustainability in the US$500 billion global animal feed supply chain. The company has made far-reaching technological advancements in applying AI to its proprietary feed management software platform. They pair best-in-class internet of things (IoT) sensors that provide over 98% accuracy in feed inventory monitoring with software tools that use AI to precisely predict animal feed consumption. The software then suggests improved operational and feed ordering processes to unlock new cost savings for feed mills and animal producers alike.
“The new patent reaffirms the advances that BinSentry is making in enhancing accuracy and precision in hog and poultry feed monitoring,” says Nathan Hoel, chief technology officer for BinSentry. “We monitor over 10,000 feed bins daily. These tools are rapidly increasing the amount of data we can process and the insights that we can provide to industry leaders.”
While feed remains the most important and costly aspect of raising animals, the inventory and supply chain management processes at many companies involve manual data capture (such as climbing ladders or hitting bins with rubber mallets to gauge feed levels) and heavy spreadsheet usage. For companies spending tens or hundreds of millions of dollars on animal feed, BinSentry technology provides line of sight to not only the animal feed data but also to increased profitability. By reducing ton-miles and out-of-feed events due to ordering mistakes and slide management errors, BinSentry customers are increasing delivery efficiency and feed conversion rates, while enhancing animal health and sustainability.
“Using AI allows us to manage volumes and complexities that humans simply can’t keep up with, giving our customers an enormous operating advantage over their competitors that are still using rubber mallets to check bin levels,” says Ben Allen, CEO at BinSentry. “This has allowed us to secure additional funding even in this challenging venture capital market. I also think the fact that our churn rate is at negative 70% might have had something to do with it. Once our customers experience our technology, they want more of it. It’s as simple as that.”