August 29, 2017
The Bee Corp. moves to accelerate IoT for beekeepers with round of Series A funding
FOR IMMEDIATE RELEASE
BLOOMINGTON, Ind. -- The Bee Corp., an agriculture technology startup founded by three Indiana University alumni, has concluded a Series A funding round.
The Bee Corp. is developing decision support software that monitors conditions inside commercial beehives.
CEO Ellie Symes said the funding will impact the company's promise to help beekeepers around the world. "Beekeepers across the state and nation have expressed strong support for our mission and our focus on data analysis in particular," Symes said.
"This funding will allow us to grow our team, improve our technical capabilities and ramp up our sales efforts. Our next steps include exploring new correlations between patterns in the data and hive health factors."
The Bee Corp. is a benefit corporation that has attracted state and national attention for its work. In 2017, the company was featured on the websites of R&D magazine, Agriculture.com, Xconomy.com and Inside Indiana Business, among others. Its founders won the 2015-16 Building Entrepreneurs in Software and Technology Competition hosted by Indiana University’s School of Informatics and Computing and Kelley School of Business. The Bee Corp. founders established the company in February 2016, shortly after winning the BEST competition.
Jane Martin, general partner at Village Ventures and lead investor in the Series A funding round, was the first to encourage Symes and her team to enter the BEST Competition.
"While I am making this investment on profit fundamentals,” Jane said, “I’m equally gratified that it may improve America's food security, thus a double bottom line." Other Series A investors include Elevate Ventures, Scott Dorsey from High Alpha Ventures and several more angel investors from Indiana and beyond.
“Indiana has built a top environment for helping turn innovative ideas into growing businesses,” said Elaine Bedel, president of the Indiana Economic Development Corporation. “That’s especially true when it comes to agribusinesses like The Bee Corp. With the support at Indiana University and in the greater Bloomington area, three students from different parts of the country have come together to become Hoosier entrepreneurs. With this latest funding round secured, we can’t wait to see what new innovations are next for The Bee Corp. here in Indiana.”
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