TeleSense stores $6.5m series A

US-based food chain monitoring technology developer TeleSense obtained $6.5m on Tuesday in a series A round featuring Congruent Ventures, a VC fund backed by University of California’s office of the chief investment officer.

Food and agriculture technology-focused VC fund Finistere Ventures led the round, which also featured Maersk Growth, the corporate venturing arm of logistics and shipping container conglomerate AP Moller-Maersk.

Financial services firm Rabobank also took part through its Food & Agri Innovation Fund, as did accelerator fund Radicle Growth, family office Trailhead Capital and Plug and Play Ventures, a subsidiary of entrepreneurship forum Plug and Play Tech Center.

Founded in 2013, TeleSense has developed internet-of-things technology for grain storage called GrainSafe that utilises sensors and artificial intelligence to monitor the grain’s temperature and humidity.

GrainSafe is intended to help grain suppliers track the degradation of stored produce, helping them reduce overheads by improving operational efficiency and the chances of regulatory compliance.

The series A capital will go towards research and development as TeleSense looks to build international partnerships that commercially position GrainSense and other food chain-focused products. Spencer Maughan, partner at Finistere Ventures, will join Telesense’s board.

TeleSense is part of the June 2018 cohort of Plug and Play’s food accelerator.

Naeem Zafar, co-founder and chief executive of TeleSense, said: “We have seen that the recent case of bumper crops have resulted in surplus grain, causing storage complexities around the globe.”

“Being able to safely store grain for longer periods of time, and having insight into what will happen to it in the future, will allow farmers and traders more choices about if and when to sell.”