Petnet raised $4 million from tech leaders Amazon, iRobot and Black River to support and grow its digital supply chain that allows owners to get better food for their pet at lower costs. About 75 percent of US households have one pet and the pet supply industry is worth multibillion dollars and growing, according to a recent press release.
Petnet’s technology platform allows owners to purchase fresh food that best suites their pets individual needs. The company also allows pet owners to customize their pets diet by using Petnet’s technology to evaluate their animal. According to the press release, research data shows that there are more pets than children in American households. About $24 billion dollars was spent on pet food in 2014 and smart home systems are expected to grow to $39 billion by 2019.
Petnets technology platform has artificial intelligence, robotics, sensors and networks that evaluate the animal. The company’s first product, SmartFeeder, gleaned a pet’s age, weight and level of activity to create a profile of the pet’s caloric nutritional needs. The system also allows Petnet to order food for the pet owner by keeping track of food supply. CEO of Petnet, Carlos Herrera, says that by digitizing a pet’s needs and adding automation about 3 to 4 months can be removed from the supply chain. “That’s a huge efficiency gain that benefits the health of pets, pet food companies, and Petnet,” Herrera said in a recent press release.
The SmartFeeder technology also ensures that the food will be delivered without being stored in a warehouse for more than one day. Petnet’s main goal is to benefit pet owners by getting quality food streamlined from the factory to the pets bowl in the quickest manner possible. The investment in Petnet hopes to expand the company’s efficient supply chain ecosystem and commercialize their technology. “It often takes nine to twelve months to get pet food from the food factory to your pet’s bowl,” Herrera said. “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’s SmartFeeder has been awarded the 2015 Consumer Electronics Association Innovation Award and the company’s product designers are continuing to digitize the pet industry. With the pet food business exponentially growing and pet owners on the rise, this industry is expected to thrive.
