Global expansion of BinSentry's AI-driven feed logistics platform, fueled by a $50 million investment round.
BinSentry, a logistics company specializing in feed bin management, has announced a successful $50 million Series C funding round. The investment, led by Lead Edge Capital, will accelerate the company's global expansion and advance product innovation.
BinSentry's technology pioneered the use of AI inside firmware in hardware, providing solar-powered, self-cleaning sensors with 99% accuracy. These sensors deliver real-time monitoring of feed levels, replacing manual, labor-intensive checks prone to errors, shortages, and waste.
The platform uses machine imaging to provide 3D images of feed surfaces accessible via a user-friendly mobile dashboard. This allows farms and feed mills to forecast feed demand more accurately, reduce waste, optimize transportation routes, cut labor costs, and prevent feed outages. The automation strengthens supply chain visibility, improves process control, reduces transportation expenses, and enhances feed conversion ratios, delivering an estimated 4-5x annual ROI per bin.
Currently, BinSentry monitors over 40,000 feed bins primarily in North America and Brazil, serving major customers such as Cargill, Wayne-Sanderson Farms, and Hanor. The partnership with Cargill enables exclusive distribution in Brazil, underscoring the platform's growing footprint.
BinSentry's technology eliminates the need for risky manual inventory checks, improving safety. The company, based in Ontario, Canada, and Austin, Texas, has maintained a 0% customer churn rate since it first released a commercial product five years ago.
The variability of animal feed, such as weather, moisture content, and type, makes measuring it challenging. However, BinSentry's technology offers a solution, providing highly accurate mapping of the internal surface of feed inventory. The company plans to expand "pretty aggressively" in North America and the United States due to the new funding.
The feed logistics market has been historically underserved in terms of technology. The United States sells more than $100 billion of animal feed annually, and BinSentry's technology is improving feed logistics with AI and automation in agriculture. The company's automation reduces the need for manual labor in feed bin management, particularly ladder climbing and manual inventory checks, which pose safety concerns, as falls are the leading cause of accidents in agriculture.
New York-based Lead Edge Capital led the Series C round, and Lead Edge operating partner Paul Bell will join BinSentry's board of directors. The company also has a presence in Brazil.
Sources:
[1] BinSentry Press Release, "BinSentry Raises $50 Million Series C to Accelerate Global Expansion and Product Innovation," [website], [date].
[2] Agriculture.com, "BinSentry's AI-Driven Feed Inventory Management Technology to Meet Growing Industry Demands," [website], [date].
[3] Feedstuffs, "BinSentry Secures $50 Million Series C to Expand AI-Driven Feed Inventory Management," [website], [date].
[4] FeedNavigator, "BinSentry's Series C Funding to Advance AI-Driven Feed Inventory Management," [website], [date].
[5] AgFunder News, "BinSentry Raises $50 Million Series C to Revolutionize Feed Bin Management," [website], [date].
The successful $50 million Series C funding round led by Lead Edge Capital will not only accelerate BinSentry's global expansion but also advance product innovation in data-and-cloud-computing, finance, and technology, particularly in the feed logistics industry. This investment will enable BinSentry to expand "pretty aggressively" in North America and the United States, enhancing their AI-driven feed inventory management solutions.
