BinSentry Raises $50 million in Series C - AG INFORMATION NETWORK OF THE WEST

BinSentry Raises $50 million in Series C

This is Tim Hammerich of the Ag Information Network with your Farm of the Future Report.

For years, farmers have relied on basic formulas and old spreadsheets to estimate how much feed their animals will need. BinSentry just raised $50 million in investment money to change that. CEO Ben Allen says the funding will empower animal feed handlers to utilize real time consumption data to accurately forecast future needs.

Allen... "So BinSentry, we've been using artificial intelligence for years. We have patents in it that are multiple years old. We use coding tools to help us write a decent amount of our code with artificial intelligence. And we use artificial intelligence not only in the firmware for our hardware, but also in the software to be able to forecast forward feed needs in the future based on real-time consumption over a trailing 72 hour period. That's a massive upgrade in what's possible with the software. We have moved way beyond basic formulas and Excel spreadsheets into a world where we can forecast the future and update it constantly based on real time conditions in field."

With this new data, BinSentry simplifies feed operations, ultimately saving producers money.

Allen... "When you have better data, you need less trucks on the road, you have less emergency orders, you have less out-of-feed events, less feed returns. All of those are extremely important to saving money in a very expensive animal feed supply chain business."

BinSentry recently gained major enterprise partnerships with companies like Cargill, Wayne-Sanderson Farms, and Hanor.