DURHAM – Precision Fermentation, a Durham startup utilizing internet of things technology that aims to improve fermentation for brewed beverages and other projects, could be brewing up more deals of its own with $2 million in new capital.
The company disclosed raising $2 million – its intended target – in an SEC filing on Wednesday.
Two investors contributed to the round which is Precision’s second. In 2020 the company landed $4.5 million.
Precision Fermentation offers what it calls the BrewIQ, which is designed to operate through Internet of Things device linked machines and offer online data.
Jared Resnick, the CEO and company co-founder, signed the filing.
New product name, more features
Precision embraced a new name for its process in January.
“Brewers today face higher ingredient and labor costs and thinner operating margins,” Resnick said. “With real-time data and the tools to glean valuable insights, brewers can overcome these challenges and turn out consistent, high-quality products more quickly to improve product quality and consistency, and drive profits. BrewIQ is the result of input from hundreds of breweries of all types and production levels. We’re excited to drive the brewing industry’s evolution forward by solving the biggest problems brewers face today.”
New features include:
- BrewIQ Fermentation Hub – connects to any tank and is the only device to measure seven critical fermentation elements simultaneously, in real-time. Fermentation data is stored in the cloud and easily accessed from anywhere, at any time, via a mobile device or desktop computer. In addition to WiFi connectivity, the BrewIQ Fermentation Hub now supports Power over ethernet, eliminating the need for additional power sources. With additional tank adaptations, the BrewIQ Fermentation Hub connects easily to tanks of all sizes and configurations.
- BrewIQ Dashboard – with new adaptive analytics and benchmarking capabilities, the dashboard gives brewers precise insight into fermentation events and anomalies as they happen, for greater control and informed decision making.
- BrewIQ SaniStation – the BrewIQ SaniStation is a new CIP station that cleans up to four Fermentation Hubs simultaneously. Brewers can manage active cleaning cycles with the click of a button through the BrewIQ Dashboard, where cleaning logs are also stored for FSMA compliance and historical analysis.