Series B round of financing led by existing investor Finistere Ventures, an Ag and food investment pioneer.
U S based grain monitoring start u TeleSense, has announced the close of a $10.2 million Series B round of financing led by existing investor Finistere Ventures, an ag and food investment pioneer. 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.
“The coronavirus pandemic has highlighted the inefficiencies of our global food supply chain and accelerated the digitizing of it,” noted Spencer Maughan, co-founder and partner, Finistere Ventures. “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.”
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. Schroder and Palmquist will now actively support the company’s aggressive growth plans by sharing their extensive expertise and making connections throughout their global grain networks.
TeleSense will use the funding to scale to meet surging demand for its solutions. 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.
“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,” said Naeem Zafar, Co-Founder and CEO, TeleSense .
