A technology company called TeleSense, says it’s revolutionizing grain storage, which will help add security to the food supply chain. The startup just closed on $10.2 million Series B. financing, led by Finistere Ventures, an ag and food investment group.
“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,” says Spencer Maughan, co-founder and partner, Finistere Ventures, in a recent press release.
TeleSense is using artificial intelligence and predictive analytics to provide actionable insights for farmers and other grain handlers.
“[TeleSense] provides the data-driven actionable insights needed to improve postharvest grain management decision that can have tremendous impact on supply chain economics,” says Mark Palmquist, CEO of United Malt and another investor in TeleSense.
For farmers and co-ops there are potential benefits. Having ‘inside’ information about what the grain is doing could reduce the need to enter grain bins to check quality. In addition, if you have warnings about risk for spoilage, there could be opportunity to offset the risk through drying, heating or even selling the crop before it gets bad.
In addition, TeleSense says their suite of technologies can help reduce energy costs. Because the quality and condition of the grain is known, there’s opportunity to reduce the use of fans, heaters and other quality control measures to only when needed.
As grain quality degrades, or conditions are favorable for degradation, users will receive an alert. The technology uses machine learning and Internet of Things monitoring solutions to deliver information for current and future conditions of grain in storage.
“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,” says Naeem Zafar, TeleSense Co-Founder and CEO.
