Kitchener-Waterloo, Ont.-based BinSentry has secured $50 million USD ($68.8 million CAD) in Series C funding to support its global expansion of a remote farm feed monitoring solution.
The funding round was led by New York-based Lead Edge Capital, which follows the company’s reported 100-percent year-over-year growth without customer churn. Paul Bell, an operating partner at Lead Edge, will join BinSentry’s board. The company aims to hire over 40 new employees, expanding its 120-person team into the Brazilian market, as reported by The Record.
BetaKit has reached out to BinSentry for more information about the round, including potential participation from other investors.
Founded in 2017 by CTO Nathan Hoel and Chief Product Officer Randall Schwartzentruber, BinSentry provides solar-powered sensors and software for remotely monitoring a farm’s animal feed inventory. This technology aids feed mills and large agricultural businesses in ordering the right amount of feed for livestock, removing the necessity for manual feed level checks inside silos. Rather than selling the sensors upfront, BinSentry offers a monthly monitoring service that includes the sensors and platform.
This new funding follows BinSentry’s $22 million Series B funding across two tranches: the first in November 2023 and the second led by Spring Mountain Capital in October 2024. From November 2023 to October 2024, the number of deployed sensors grew from 10,000 to 20,000; within less than a year, the count has doubled 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,” said Lead Edge principal Aaron Darr in a statement.
The rapid expansion coincides with multinational food company Cargill as the exclusive distributor of BinSentry’s platform in Brazil. BinSentry also supports major agricultural companies in North America and Brazil, including Wayne-Sanderson Farms and Hanor.
In 2020, BinSentry raised a $7.7-million USD ($10-million CAD) Series A round when it had deployed only 1,000 sensors.
Feature image courtesy of BinSentry.