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Innovation, Business / Published December 22, 2020
ARAUCO acquires majority stake in Artificial Intelligence pioneering company
The forestry subsidiary completed the acquisition of a majority stake in Odd Industries, a leading company in Industrial Artificial Intelligence (IAI). This deal seeks to create synergies between both organizations to develop and apply new technologies to combat climate change.
“We are excited to partner with the Odd Industries team to scale their vision and combine their powerful AI platform with our global leadership in the use of LiDAR technology for sustainable forestry to help fight the climate crisis,” said Matías Domeyko, ARAUCO executive vice president.
Leo Prieto, Odd Industries CEO, meanwhile, said that the company he leads was founded with the mission of improving the world through quality information. “We are convinced that, by using AI to measure the most immeasurable things, like the leaves of all the trees in a forest, for example, we could better understand our negative impact, reduce it and even reverse it,” he explained.
This is how ARAUCO and Odd Industries found common views on the use of IAI for the sustainable management of forest resources. In this regard, one of the objectives that have been set consists of planting 1 trillion new trees worldwide and thus helping to stop or reverse climate change.
Odd Industries founder and CEO, Leo Prieto; co-founder and CTO, Christian Peña; co-founders Pablo González, Cristián Rojo, Sangeetha Narayan and Paulo Paredes, along with the entire team, will continue as shareholders and to lead the management of the company.
ARAUCO’s decision to acquire Odd Industries responds to the Climate Action Plan that the subsidiary has carried out and that has positioned it as a relevant player in the field globally.