SwineTech Inc., the Cedar Rapids-based agricultural start-up, announced Wednesday it had reached its latest $1.5 million fundraising goal.
According to filings with the Securities and Exchange Commission, SwineTech reached its fundraising goal with 19 investors back in June.
That funding brings SwineTech’s total investment amount to just under $2.8 million, according to start-up database Crunchbase.
SwineTech develops artificial intelligence and sensor systems to monitor piglet health and alert hog producers to conditions that could lead to early death for the animals.
SwineTech CEO Matthew Rooda said the funds have been used to hire seven new employees. The company now is targeting to triple its customer base, and to start selling to customers in Minnesota, Illinois, Oklahoma, Tennessee, North Carolina and possibly Canada by the end of the second quarter 2019.
Rooda also said the company is developing an update to its SmartGuard piglet monitoring system in time for launch at the Iowa Pork Congress next January.
“We think it’ll really brings it to better understanding of sow behavior and health and everything going on in that environment,” he said.
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The Iowa Economic Development Authority also recommended SwineTech for up to $50,000 in federal Small Business Administration grants last Friday, which is waiting on final approval from the SBA.
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