Venture Capital News: Petnet Grabs $4M
LOS ANGELES, CA, Petnet, the leader in intelligent pet feeding, today announced it has raised $4M to help build out its digital supply chain strategy to benefit pet owners with greater quality food and lower costs.
The financing round involved several leading investors, which include Black River Ventures, Aspiration Growth, iRobot and Amazon Alexa Fund. The investment is intended to help drive and expand Petnet's digital supply chain ecosystem, and commercialize its SmartFeeder technology.
Petnet is a consumer facing home automation company whose mission is to deliver the freshest and most compatible food possible to your pet. Petnet's leading edge technology platform is built with artificial intelligence, robotics, sensors, and networks. All of these elements help drive Petnet's strategy to create greater efficiency in today's pet food supply chain.
'It often takes nine to twelve months to get pet food from the food factory to your pet's bowl,' said Carlos Herrera, CEO of Petnet. 'It's a very manual and inefficient supply chain that requires an unimaginable amount of labor and resources. It doesn't need to be that way.'
Petnet believes the automation will benefit pet owners with better quality food, lower costs, and streamlined delivery from the factory to the pet's food bowl. Petnet's first product, the SmartFeeder learns about your pet's age, weight and level of activity and autonomously creates a profile of the pet's caloric nutritional needs. Most importantly, because the SmartFeeder keeps track of your food supply, Petnet is able to preemptively order food from its supplier and have it arrive to your door as you need it without having the food stored in a warehouse for more than one day.
'We've taken 3-4 months off the pet food supply chain by digitizing your pet's needs and adding automation into the process,' Herrera said. 'That's a huge efficiency gain that benefits the health of pets, pet food companies, and Petnet.'
Today, 70 percent of US households have at least one pet and the multibillion-dollar pet industry is growing fast. As the pet food industry continues to thrive, research data shows there are more pets than children in American households, with 180 million dogs and cats in the US. Pet owners spent nearly $24 billion on pet food in 2014. And consumer spending on smart home systems and products is expected to hit $39 billion by 2019.
For more information on Petnet, watch this video: http://videos.petnet.io/medias/yaqc6ej1gj
Petnet is a leading provider of pet-owner empowerment technologies. Petnet helps owners stay connected with their pets' health through cutting-edge technologies. Petnets products are driven by a team of designers, engineers and pet food experts who are committed to digitizing the pet industry through next-generation products for pet owners. The smart feeder has awarded the prestigious 2015 Consumer Electronics Association (CES) Innovation Award. The CES Innovation Awards are awarded to products that reflect innovative design and engineering in cutting edge tech products and services coming to market. Learn more about Petnet at www.petnet.io.
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