The NBIF invests in milk-quality and dairy-data startup SomaDetect
June 18, 2018
FREDERICTON (N.B.) – The New Brunswick Innovation Foundation (NBIF) today announced it has invested $250,000 in SomaDetect, a Fredericton-based agricultural technology startup focused on providing dairy farmers with real-time milk component analytics.
“We’re incredibly proud to support SomaDetect, especially given their user-centric design approach. They used a true lean start-up model approach, where they went around to farmers first to solicit interest and continue to work closely with members of the dairy industry to ensure maximum value”, says the NBIF Director of Investments Raymond Fitzpatrick.
Dairy farmers are challenged with lack of access to frequent measurements of milk-quality and animal health indicators. Currently, farmers must rely on monthly data to make critical management decisions. With SomaDetect , farmers have access to accurate daily measurements for every cow, helping to ensure quality milk and overall herd health.
SomaDetect’s technology provides a sensory system for dairy operations to analyzes every drop of raw milk in real time from each cow, providing the farmer with the information required to detect disease in its earliest stages and optimize multiple facets of the operations.
“Starting our company in New Brunswick has been critical for us. We are incredibly thankful for the support we have received from our dairy farming community and from the startup community of this province, including NBIF, Milk2020, the Pond-Deshpande Centre (no family relation), and The Ville Cooperative,” said CEO Bethany Deshpande.
SomaDetect was awarded the Most Innovative Startup award at the 2018 KIRA Awards, selected as $1M Grand Prize Winners of the Buffalo-based 43North competition, and they were the second-place winner for the 2017 NBIF Breakthru competition. They recently completed the Dairy Farmers of America (DFA) Sprint Accelerator in Kansas City.
Soma Detect is led by CEO Bethany Deshpande who holds a PhD in Biology, Nicholas Clermont, COO holds an MBA and degree in Mechanical Engineering, and Bharath Sudarsan, Computer Vision and AI Expert, who holds a MSc in Bioresource Engineering.
About the New Brunswick Innovation Foundation
The NBIF is an independent non-profit corporation that specializes in venture capital and research investments. Dedicated to building innovation in our province, the NBIF delivers the resources and expertise required to achieve new opportunities, growth, and advancements that positively impact New Brunswick.
With over $85 million invested, plus $425 million more leveraged from other sources, the NBIF has helped to create over 106 companies and fund 470 applied research projects since its inception in 2003. All of the NBIF’s investment returns go back into the Foundation to be re-invested in other startups and research initiatives.