US start-up TeleSense has secured $10.2 million in financing to drive the global expansion of its IoT monitoring solutions that help redefine how grain is stored, handled and traded.
The Series B round was led by existing investor Finistere Ventures, while Fulcrum Global Capital, Mindset Ventures and existing investor Rabobank’s Food & Agri Innovation Fund also joined the round.
Founded in 2014, TeleSense utilises IoT and cloud-based AI technology to provide grain managers with actionable insights about their stored grain to enable them to make storage decisions easily, quickly and accurately.
The company’s sensors and app work together to continuously monitor grain and automatically send issue alerts to help combat grain spoilage, preserve grain quality and reduce operational costs, making the supply chain more sustainable and profitable.
Headquartered in California, TeleSense has recently established offices in Australia and Europe. The company plans to use the funding to focus on strengthening its global sales channel, speeding production and further building out its data science team.
Following the funding round, Soren Wolck Schroder, former CEO of Bunge, and Mark Palmquist, CEO of United Malt and former CEO of GrainCorp, have joined the board of directors.
“The grain industry is striving to use data to drive decision automation, but it can be a costly and time-intensive endeavor. TeleSense offers an approach that is practical, useful and delivers immediate value – making the promise of data-driven decisions readily available for the grain industry at large,” said Palmquist.
Spencer Maughan, co-founder and partner of Finistere Ventures, added: “Having led both the Series A and Series B investments, we believe strongly that TeleSense is a prime visionary in redefining how grain is stored, handled and traded. Ultimately, TeleSense is creating a digital global grain supply chain that uses data to combat grain spoilage – making the supply chain more sustainable and saving companies billions of dollars in lost grain along the way.”
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