KPMG has invested in AgTech start up, The Yield, which works with leading food growers to develop IoT and data-based solutions that improve farm decision making and customer yields.
KPMG is one of multiple corporate investors which collectively raised $6.5million in Series A funding for The Yield, which will be used to bring its proprietary solution Sensing+ to the Australian market in the second half of 2017.
It will also help to fast-track new product development, grow the company’s sales and marketing capabilities and launch onto the US West Coast.
“Today’s investment marks a further milestone for KPMG ‘walking the talk’ for the advancement of Australian agribusiness,” said Gary Wingrove, CEO of KPMG Australia.
Ben van Delden, head of AgTech for KPMG Australia added that this is not a passive investment for the firm.
“Our agribusiness clients are wanting digital solutions to optimise their farm decision-making and improve productivity and profitability,” Mr van Delden said.
“KPMG has formed a strategic relationship with The Yield to make a real difference to enhancing food growers’ profitability and competitiveness.”
KPMG also recently launched two technology-focused businesses, an AgTech practice and a broader Internet of Things (IoT) practice, which work together to enhance farm innovation and improve productivity.