CHILE (News release) -- Arauco has closed the acquisition of majority ownership in Odd Industries, the ethically-driven industrial artificial intelligence (IAI) pioneer. Together they will accelerate the use of artificial intelligence with the mission to slow and reverse climate change.
"Sustainability is in our nature, committing us to the development and application of new technologies to create innovative solutions that will ensure the future of our surroundings," said Matias Domeyko, CEO, Arauco. "We're excited to partner with the team at Odd Industries to scale their vision and combine both parties' technological expertises: their award-winning artificial intelligence platform with our world-leading experience using LiDAR for sustainable forestry, in order to fight the climate crisis."
"We founded Odd Industries in 2018 with the mission of 'improving our world with better information', convinced that if we used AI to measure the most unmeasurable things, like counting leaves on all the trees in a forest, we could understand our negative impact, reduce and even reverse it," said Leo Prieto, CEO, Odd Industries. "Very early on we met with Arauco and found common ground on using AI for sustainability and well-being, so it became clear they were the perfect partner to pursue together the inspiring goal of adding 1 trillion trees globally to help slow or even reverse climate change."
Odd Industries' founder and CEO Leo Prieto, co-founder and CTO Christian Peña, co-founders Pablo González, Cristián Rojo, Sangeetha Narayan, Paulo Paredes, along with all the team, will continue to lead the company and remain shareholders. Additional terms of the transaction were not disclosed.
Arauco is a global leader in sustainable forestry.