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Agtech Funding News

SwineTech files paperwork showing $3.1 million raise

July 10, 2019

Cedar Rapids-based SwineTech filed paperwork last week indicating it has raised $3.1 million in funding.

SwineTech’s award-winning product, SmartGuard, uses AI to read data through sensors and can locate exactly where a piglet is getting crushed and will alert the sow to roll over or stand up through the use of a vibratory signal.

Since founding in 2015, SwineTech has seen a lot of success.

Last October, SwineTech raised $1.5 million to allow them to begin to expand their product into other states and countries. Earlier this year, SwineTech won first place in a pitch competition at the 2019 Digital Animal Summit. The company also participated in the Pearse Lyons Accelerator this year, spending 16 weeks working with mentors to accelerate its business development, including three weeks at Dogpatch Labs in Dublin, Ireland.

Clay & Milk has reached out to SwineTech for more information about the raise and will update this post with more details when we learn more.

Previous coverage

SwineTech raises $1.5 million -Oct. 23, 2018

SwineTech is using artificial intelligence to save piglets -Sept. 13, 2018

Tags: SwineTech

SwineTech files paperwork showing $3.1 million raise | Clay & Milk

A central Iowa ag-tech accelerator has secured more backers and finally has a name. The Greater Des Moines Partnership first announced the accelerator last year, naming four initial investors. On Monday, the Partnership said the program will be called the "Iowa AgriTech Accelerator" and named three new investors. The new investors include Grinnell Mutual, Kent Corp. and Sukup Manufacturing, all Iowa companies. They join investors Deere & Co., Peoples Co., Farmers Mutual Hail Insurance Co. and DuPont Pioneer. Each investor has agreed to put up $100,000 for the first year of the accelerator. Startups entering the program will receive $40,000 in seed funding in exchange for 6 percent equity. Tej Dhawan, an angel investor and local startup mentor, is serving as interim director until the AgriTech Accelerator names a permanent leader. Dhawan held a similar role with the GIA before Brian Hemesath was named as managing director. As interim director, Dhawan said his main job includes hiring the accelerator's executive director, establishing a business structure and initial recruiting for the first cohort. The accelerator will place few filters, such as location and product, on the applicant pool, Dhawan said. "When you’re seeking innovation, innovation can come from every corner of the world so why restrict ourselves," he said. One area the the AgriTech Accelerator won't recruit from is biotech. For its first cohort, the AgriTech Accelerator will work out of the GIA's space in Des Moines' East Village, Dhawan said. A future, permanent home is still to be decided. The accelerator's program will host startups from mid-July through mid-October, ending with an event connected to the annual World Food Prize. The GIA, which the AgriTech Accelerator is based on, also ends with presentations at an industry event. The accelerator has also started lining up a mentor pool. The Iowa Corn Growers Association, Iowa Soybean Association and the Iowa Pork Producers Association have agreed to provide mentors, as has Iowa State University. While the AgriTech Accelerator is loosely based off of the GIA, it will differ in its business structure, Dhawan said. The GIA runs through a for-profit model for both operations and its investment fund. The AgriTech Accelerator will have a nonprofit model for its operations and a for-profit setup for its fund. Dhawan said the nonprofit model is being used so the accelerator can better work with other nonprofit partners, such as trade associations. "These are all organizations that are nonprofits and can be amazing stakeholders without ever having to be investors in the accelerator," he said. "It becomes easier to work with trade associations in their nonprofit role when we are also a nonprofit." When it's up and running, the AgriTech Accelerator would be one of a handful of ag-focused startup development programs in Iowa. Others include the Ag Startup Engine out of Iowa State University and the Rural Ventures Alliance from Iowa MicroLoan. Matthew Patane is the managing editor and co-founder of Clay & Milk. Send him an email at mpatane@clayandmilk.com.

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