Its first application is to heighten the efficiency of crop insurance claims processes, reducing claims that traditionally take months to process, to having farmers receiving virtually immediate responses.
PlanetWatchers also uses advanced machine learning to support crop insurers in reporting planting dates, acreage, crop classification and claims validation at scale.
“Our investment in PlanetWatchers corresponds with our goals and objectives: the company has a robust and unique technology enabling direct access to a great deal of data to all players in the agrifood value chain, from the farmer in the field to insurance companies and banks,” says Trendlines Agrifood Fund CEO Nitza Kardish.
“PlanetWatchers’ management and development teams bring excellent capabilities and a proven track record, which together with us and our financial and strategic co-investors, provide a complete set of skills and knowledge for the future of PlanetWatchers. In addition to PlanetWatchers’ important and direct contribution to its customers, it also makes a very significant contribution to minimizing the world’s carbon footprint. We are confident that PlanetWatchers heralds a new paradigm for preserving our planet's resources,” Kardish adds.
Shares in Trendlines closed 0.1 cent higher or 1.0% up at 10.3 cents on June 3.
