TeleSense, a California-based company that is revolutionizing grain storage and supply chain, raised close of a $10.2 million Series B round of financing led by existing investor Finistere Ventures, an agri and food investment pioneer. A powerful mix of new investors and industry leaders with global reach, including Fulcrum Global Capital (FGC), UPL Ltd., Artesian and Mindset Ventures, as well as existing investors such as Rabobank’s Food & Agri Innovation Fund also joined the round.
The company 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.
“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.”Spencer Maughan, co-founder and partner, Finistere Ventures
With its suite of grain monitoring products, TeleSense is helping major grain players to mitigate spoilage, reduce quality degradation, reduce energy costs and increase worker safety. 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.
Meeting the differing accessibility and scalability demands of both developed and developing economies, TeleSense helps manage key risks in the world’s perishable commodities supply chain. Its machine learning algorithms 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.
“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 optimize merchandising timing delivers higher profits. We are dedicated to bringing the power of data to the grain industry and helping grain growers and handlers improve their financial outcomes.”Naeem Zafar, Co-Founder and CEO, TeleSense
Recently establishing offices in Australia and Europe, the company 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. TeleSense will use the funding to scale to meet surging demand for its solutions.