Investment will allow BinSentry to expand technology
Lewis & Clark AgriFood, a St. Louis-based food and agriculture-focused investment firm, has announced the closing of a $7.7 million investment round from its Lewis & Clark AgriFood Fund II 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.
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, reduction 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, Canada, in 2017, BinSentry had more than 1,000 sensors installed in 2019, when the company received a Forbes Innovation Icon Award. The company serves more than 20 feed production operations servicing more than 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, 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.
BinSentry CEO 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.