Benemilk is Raisio’s cattle feed innovation that helps improve milk production efficiency and the fat and protein levels of milk. It also makes cows produce more milk. By the end of 2016, Benemilk feeds had been granted a patent in four countries. These patents are an indication of the patentability of the innovation in different markets. In Finland, Benemilk feeds are sold and marketed by Raisioagro. Benemilk feeds have an established market position in cattle feeds.
- Patents granted for Benemilk feeds and their production method in Finland and New Zealand at the end of 2016.
- In August 2016, Raisio’s Board of Directors decided to reduce Benemilk Ltd’s activities to internationally commercialise the innovation as the company’s short-term outlook was not favourable.
- The office in Seattle, USA, was closed in the autumn 2016.
Benemilk feeds and their production method were granted a patent in Finland on 30 December 2016. After a thorough investigation, the Finnish Patent Authority determined that the Benemilk innovation meets the criteria for patentability; it is new, inventive and industrially applicable. In Finland, the first patent applications related to the Benemilk innovation were filed in January 2012.
Furthermore, patent authorities in New Zealand examined the patent applications, and granted patents for the Benemilk feeds and their manufacturing method as well as for the milk produced by Benemilk fed cows.
So far, Benemilk has been granted patents in Finland, New Zealand, Australia and South Africa, which is a strong indication of the patentability of the innovation in various markets. Now that the first important patents have been received, Raisio will not publicly analyse the Benemilk patent portfolio.
In November 2015, Benemilk Ltd launched a process to examine the conditions and opportunities to obtain new financing. Based on the completed assessment, Benemilk Ltd’s Board of Directors concluded in June 2016 that it is not justified to implement the equity financing scheme as the company valuation indicated by potentially interested investors was not satisfactory for owners.
Benemilk Ltd’s operations were significantly reduced in the autumn 2016 and the investment to internationally commercialise the innovation was minimised in accordance with the decision taken by Raisio’s Board of Directors in August. Global crisis in the milk market as well as potential customers’ unwillingness to change their feeding models affected the decision, and for these reasons, the company’s short-term prospects for the international expansion of the business were not favourable. The office in Seattle, USA, was closed.
Benemilk Ltd was founded in the spring 2013, and Raisio holds 57 per cent of its shares.
Raisioagro has a licence to the Benemilk innovation. In Finland and Russia, Benemilk feeds are sold and marketed by Raisioagro.