TeleSense, a company that uses Internet of Things (IoT) to improve grain storage technology, announced the close of a $?10.2 million Series B round of financing. TeleSense will use the funding to scale to meet surging demand for its grain monitoring solutions.
TeleSense provides IoT monitoring solutions that deliver an accurate view of the current and future condition of stored grain, while automating the detection and mitigation of potential issues. Its machine learning algorithms are to provide users with the smart alerts they need to effectively manage and predict grain quality, eliminate human error, ensure safety, improve operational efficiency, and increase profitability.
With its suite of grain monitoring products, including CellularSpear, TeleSense says it is already helping major grain players to mitigate spoilage, reduce quality degradation, reduce energy costs and increase worker safety.
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The company will use the funding to scale to meet surging demand for its solutions. Recently establishing offices in Australia and Europe, the company says it will now “focus on strengthening its global sales channel, speeding production and further building out its data science team to maintain its position as the primary artificial intelligence (AI) leader in the grain industry.”
“The complexities of the food supply chain continue to evolve, and the grain industry needs to keep pace. The ability to know real-time storage conditions, accurately predict future grain quality and optimise merchandising timing delivers higher profits,” said TeleSense Co-Founder and CEO Naeem Zafar.
“We are dedicated to bringing the power of data to the grain industry and helping grain growers and handlers improve their financial outcomes. We’re excited to work with our investors to build on our successes with grain majors and make TeleSense products the standard for the global grain industry.”
The $ 10.2 million Series B round of financing was led by existing investor Finistere Ventures. TeleSense also added Soren Wolck Schroder, former CEO of Bunge, and Mark Palmquist, CEO of United Malt and former CEO of GrainCorp, to its Board of Directors.