Kitchener-Waterloo, Ont.-based BinSentry has raised $50 million USD ($68.8 million CAD) in Series C funding to help worldwide expansion for its remote farm feed monitoring solution.
The round was led by New York-based growth equity firm Lead Edge Capital and follows what the company claims is 100-percent year-over-year growth with no customer churn. Lead Edge operating partner Paul Bell is joining BinSentry’s board, and the company plans to add more than 40 employees to its 120-person team as it expands into the Brazilian market, The Record reported.
BetaKit has asked BinSentry for more details on the round, including possible involvement from other investors.
Founded in 2017 by CTO Nathan Hoel and chief product officer Randall Schwartzentruber, BinSentry’s solar-powered sensors and software combine to remotely monitor a farm’s animal feed inventory. The sensors help feed mills and large agricultural businesses order the correct amount of food for a farm’s livestock while eliminating the need to manually climb and inspect the feed level inside silos. Rather than buying the sensors outright, BinSentry customers pay for a monthly monitoring service that comes with its sensors and the platform.
The new funding follows BinSentry raising $22 million in Series B funding across two tranches, the first in November 2023 and the second led by Spring Mountain Capital in October 2024. Between November 2023 and October 2024, the company went from 10,000 deployed sensors to 20,000. In less than a year, the company has since doubled that number again to 40,000.
“As the agtech sector matures, companies like BinSentry with strong fundamentals and clear ROI are best positioned to lead the next wave of innovation,” Lead Edge principal Aaron Darr said in a statement.
The rapid growth follows multinational food company Cargill becoming the exclusive distributor of BinSentry’s platform in Brazil. BinSentry says it also supports large agricultural companies in both North America and Brazil, including Wayne-Sanderson Farms and Hanor.
BinSentry previously raised a $7.7-million USD ($10-million CAD) Series A round in 2020, when it had only installed 1,000 sensors.
Feature image courtesy BinSentry.