IAG’s Firemark Ventures buys stake in Melbourne-based Digital Agriculture Service, says report

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General insurance giant Insurance Australia Group (IAG), one of the largest general insurance groups in Australia, is investing in Melbourne-based rural technology firm Digital Agriculture Services (DAS), according to a report by the Australian Financial Review.

IAG Firemark Ventures, the venture capital fund for IAG, has bought a stake in DAS to the tune of multi-million dollars. However, the insurance group did not disclose specific terms of the transaction.

Earlier in April, the Firemark Ventures also invested in AI-powered analytics provider Arturo.

Arturo uses artificial intelligence and drone imagery to deliver property (residential as well as commercial) information that IAG believes may enhance the customer experience on getting a quote & home insurance.

Similarly, Digital Agriculture Services applies AI technology and machine learning in order to develop rural data-powered solutions. Founded in 2017 in partnership with CSIRO (Commonwealth Scientific and Industrial Research Organisation), DAS aims to transform the way rural assets are valued and monitored.