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Wayne McNee (LIC)
Credit: provided
Genetics and breeding services cooperative Livestock Improvement Corporation is investing in a blockchain company and developer of cloud-based mastitis testing technology.
LIC also increased investments in its AgCelerator fund designed to provide more value to New Zealand farmers.
The cooperative has invested in Auckland-based TrackBack, which uses blockchain in the agricultural sector to provide trust and transparency across the supply chain.
Fueled by the pandemic, traceability was increasingly the focus of consumers’ attention, LIC said, and the data the cooperative holds on animal health has been an important contributor to providing quality assurance for New Zealand farmers.
Trackback investment could increase global confidence in the quality, integrity and provenance of products.
The other investment was in Dunedin-based Mastaplex, which has developed a proprietary mastitis test device, Mastatest, which provides faster and more accurate mastitis diagnosis in the company.
A cloud-based IT solution, Mastaplex was able to advise a farmer which cow has the bug within 24 hours, helping to reduce antibiotic use.
LIC’s AgCelerator Fund, launched in August, was a fund for innovative individuals and companies that added value to the dairy sector.
“We have been impressed with both businesses through our due diligence process and delighted that they both have a strong focus for our industry,” said Wayne McNee, CEO of LIC.
“Mastitis is a real problem for dairy farmers and having greater visibility of the supply chain is critical as more and more consumers seek to understand the journey from paddock to plate and every step in between.”
Dr Olaf Bork, CEO of Mastaplex, said mastitis costs New Zealand’s dairy industry $ 180 million a year and is one of the biggest problems in the company today.
“Our Mastatest product guides antibiotic treatment decisions for mastitis and supports disease management, improves milk quality and fights antimicrobial resistance,” he said.
David McDonald, CEO of TrackBack, said LIC’s support means it will be able to expand its platform and develop more tools to make cutting-edge innovations more accessible to primary industries and improve data interoperability along the chain. of value.
AgCelerator manager Eleshea D’Souza said the fund continues to receive many strong funding requests.
“LIC recognizes that the partnership is important to new product development in the industry and it is exciting to support our shareholders through investments in products and services that we believe will provide additional value to the company,” said D’Souza.
Last year, LIC announced an extensive migration of its backend systems to the Microsoft Azure cloud.
Tag supply chain security livestock improvement companiesBlockchainCloud
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