BinSentry of Kitchener has secured a $50 million investment from lenders led by Lead Edge Capital to accelerate its global expansion and advance its AI-powered feed inventory solutions.
BinSentry began as a business to monitor grain and feed levels in farmers' storage bins, but has since expanded to a global market where major grain and feed companies buy its services.
It now also has offices in Austin, Texas and a partnership with Cargill to be an exclusive distributor in Brazil.
The technology eliminates manual inventory checks, prevents costly feed outages, and helps feed mills and large agricultural businesses forecast demand, reduce waste, and improve profitability.
The sensors are solar powered and self cleaning and the system uses AI.
BinSentry now has monitors in more than 40,000 bins across North America and Brazil. The company is doubling its customers every year and losing none.
