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AgTech Investments

Insurance Australia Group has bought a multimillion-dollar stake in Digital Agriculture Services

Insurance Australia Group Limited (IAG) is the largest general insurance company in Australia and New Zealand. The Group’s businesses underwrite almost $12 billion of premium per annum, selling insurance under many leading brands. IAG, Australia’s largest general insurer, made the investment in Digital Agriculture Services (DAS) through its $75 million venture capital fund Firemark Ventures.

In April, Firemark Ventures also bought a stake in US start-up Arturo, which applies similar methods as those used by DAS – aerial imaging, AI, data analytics – to an urban setting, assessing risks to individual residential and commercial properties.

Digital Agriculture Services is a rural technology company based in Melbourne. The company was established in partnership with CSIRO, Australia’s national science and research agency, in 2017, with a mission to deliver reliable rural intelligence. The company is applying machine learning and AI to develop rural data-powered solutions that transform the way rural assets are assessed, valued and monitored.

Despite the importance of food and agriculture to our economy, rural data is patchy and fragmented; inaccessible or unintelligible; or simply not connected in a way that’s useful. Every day, business, policy makers and farmers are making decisions without reliable rural data or analytics. This lack of data not only means billions in decisions are being based on inaccurate, unreliable or incomplete data – it means agriculture’s risk profile is far higher than it should be.

Problem statement – DAS

DAS’ founders believe that by providing the most reliable rural intelligence possible, we can give today’s decision makers the data they need to make more informed decisions. Decisions that build competitive advantage, wealth and prosperity for all.

Read more at Financial Review

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