BinSentry, the leading company in North America for optimizing the animal feed supply chain, has been granted a fresh patent for utilizing artificial intelligence (AI) to precisely determine the quantity of animal feed in a bin through the utilization of a time-of-flight sensor or similar hardware. Concurrently, BinSentry has successfully concluded a Series B funding round, amassing over $7 million in new investment.
BinSentry plays a pivotal role in enhancing efficiencies and sustainability within the $500 billion global animal feed supply chain. The company has spearheaded significant technological breakthroughs by integrating AI into its exclusive feed management software platform. By combining top-tier internet of things (IoT) sensors boasting over 98% accuracy in feed inventory monitoring with AI-driven software tools for precise prediction of animal feed consumption, BinSentry recommends enhanced operational strategies and feed procurement processes to unlock fresh cost-saving opportunities for feed mills and animal producers.
Nathan Hoel, the chief technology officer at BinSentry, remarked, “The recent patent underscores BinSentry’s progress in elevating the precision and accuracy of hog and poultry feed monitoring. We currently oversee the monitoring of more than 10,000 feed bins on a daily basis. These tools are significantly expanding our data processing capabilities and the actionable insights we offer to industry frontrunners.”
Despite feed being the paramount and costliest component in animal husbandry, numerous companies still rely on manual data collection methods (like ascending ladders or using rubber mallets to estimate feed levels) and extensive spreadsheet usage for inventory and supply chain management. For enterprises investing millions in animal feed procurement, BinSentry’s technology not only provides visibility into animal feed data but also boosts profitability. By mitigating errors in ordering and silo management that lead to unnecessary ton-miles and out-of-feed incidents, BinSentry empowers its clients to enhance delivery efficiency, feed conversion rates, as well as animal health and sustainability.
Ben Allen, the CEO of BinSentry, highlighted, “The utilization of AI enables us to handle volumes and intricacies that surpass human capabilities, granting our clients a significant operational edge over competitors who still resort to archaic methods like rubber mallets for bin level assessments. This competitive advantage has enabled us to secure additional funding even amidst a challenging venture capital landscape. Moreover, our exceptional negative 70% churn rate speaks volumes. Once customers experience our technology, they are eager for more; it’s that compelling.”
