KPMG Australia has taken a minority stake in leading Australian AgTech start up, The Yield . The move extends the firm’s investment in agricultural technology, recognising its importance for Australia’s future economic prosperity.
“We recently launched two technology-focused businesses – an AgTech practice and an broader Internet of Things (IoT) practice - which work together enhancing farm innovation and productivity gains. Today’s investment marks a further milestone for KPMG ‘walking the talk’ for the advancement of Australian agribusiness,” said KPMG Australia CEO, Gary Wingrove.
Last month KPMG became an investor and a Lead Partner of the newly formed $212 million Food Agility Cooperative Research Centre (CRC), which is focused on fast-tracking the growth of Australia’s food industry through digital technologies.
The Yield was recently recognised as one of the five most innovative Pre-Series A startups in the world . The company works with leading food growers to develop IoT and data-based solutions that improve farm decision-making and customer yields.
Today The Yield announced it had raised $6.5million in Series A funding which will be used to bring its proprietary solution Sensing+ to the Australian market in the second half of 2017, in addition to fast-tracking new product development, growing the company’s sales and marketing capabilities and launching onto the US West Coast. KPMG joins other corporate investors in The Yield including global technology and services provider Bosch, and global online food and agriculture investment platform, AgFunder.
Ben van Delden, Head of Agtech for KPMG Australia explained this was not a passive investment for the firm. “KPMG has formed a strategic relationship with The Yield to make a real difference to enhancing food growers’ profitability and competitiveness.”
“Our agribusiness clients are wanting digital solutions to optimise their farm decision-making and improve productivity and profitability. The combination of The Yield’s technology platform with KPMG’s business performance optimisation and digital consulting services presents clients with the ideal combination of practical tools and insights to transform how they make vital yield enhancing decisions,” he said.
Piers Hogarth-Scott, KPMG’s National IoT Practice Leader commented: “The Yield is without doubt the most exciting Australian IoT start up in the food and fibre sector. Not only does their IoT platform help producers such as oyster farmers remove uncertainty and increase yield, but it is also enabling innovation in sectors such as financial services where we are beginning to see banks and insurers design credit and risk products specifically for the customers of IoT platforms. This is exactly the sort of innovation that will help Australia unlock up to $116 billion annually in potential IoT related economic activity by 2025.”
Head of Communications, KPMG
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