SwineTech, an animal health startup based in Cedar Rapids, has completed a $5 million Series A round of financing.
Innova Memphis led the investment round with participation from existing and new investors Johnsonville Ventures, Ag Ventures Alliance, Quake Capital, SVE Capital, The Berkeley Catalyst Fund along with several other angel investors and pork producers.
The investment brings SwineTech’s total funding to $6.3 million since launching its farrowing management platform in 2015. These funds will help the company aggressively expand its sales and marketing efforts, as well as broaden and accelerate product development.
The Series A financing builds on an exceptional year for SwineTech which saw a growing team and customer base throughout the US and Canada.
“Over the past year, we have expanded our team and are now growing faster than ever,” said Matthew Rooda, founder and CEO of SwineTech. We are now partnered with some of the largest pork producers in North America, as well as Kansas State University and North Carolina State University. This growth is attributed to our team’s passion, resilience, and dedication to helping pork producers succeed.”
“I first learned about SwineTech when I met Matthew during the Farm Bureau / Farm Credit Ag Investment Summit in 2017,” said Jan Bouten, Innova Memphis Partner. “Since then, the company has fully developed its second-generation suite of products, successfully proven the ROI with several name-brand customers, and has built enormous trust and credibility within the pork industry. Carefully building this foundation has allowed the company to build a great early customer base to grow from during the next couple of years.”
Also joining in the Series A round is Johnsonville Ventures/MSAB Capital, an investment arm of Johnsonville Sausage that invests in early-stage companies in the life sciences and emerging technologies industries.
“Johnsonville Ventures is excited to be partnering with SwineTech and believes that the technology developed is a step forward in animal welfare and sow productivity for pork producers,” said Kevin Ladwig, Johnsonville Ventures President. “The SmartGuard technology allows for real-time monitoring and intervention and will play a significant role in reducing pre-wean mortality. As the corporate venture arm of Johnsonville Sausage, we believe we have a role to play in providing better tools to pork producers.”
SwineTech wins first place at Digital Animal Summit 2019 -March 26, 2019
SwineTech is using artificial intelligence to save piglets -Sept. 13, 2018
Innova Memphis invests in Iowa companies as it expands its focus to agtech -Nov. 14, 2018
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