Future Investment Initiative (FII) Institute is investing €500,000 in Timbeter, a global precision forestry company. The investment is part of the FII Institute’s efforts to support the development of technologies that address the world’s biggest social and environmental challenges.
Richard Attias, CEO of the FII Institute, said, “We are delighted to partner with a leading green tech company like Timbeter. Through utilising machine learning technology and artificial intelligence, Timbeter is creating innovative solutions for the management of forests, which will help ensure sustainable practices across the timber industry.
“FII Institute is a global non-profit foundation built on Environmental, Social and Governance (ESG) principles, with one investment arm and one Agenda: Impact On Humanity, and to act on our mandate, we are investing in projects and technologies that aim toward a just and sustainable future for all humanity. We will continue working with our partners and stakeholders to advance our common objectives.”
Forestry continues to be an important and controversial issue with world forests decreasing by a third in size over the last century due to reckless practices. Today, the timber industry is dominated by companies formed in the 19th century who are under increasing pressure for supply chain transparency, sustainability and certification, in line with ESG processes.
Anna-Greta Tsahkna, CEO of Timbeter, said, “The forestry sector needs a digital transformation in order to become more sustainable, transparent and efficient. This collaboration with the FII Institute will enable Timbeter to deliver this important message to high-level decision makers, aiming to help countries mitigate climate change, fight against illegal logging and ensure sustainability across the sector.”
With demand for timber growing, FII Institute’s investment in Timbeter will help prevent illegal logging while sustaining the world’s forests as a key source of habitation and livelihood.
Note for editors
Timbeter is offering solutions to the timber industry by proving an AI-driven photo-optics application that accurately determines the quantities of logs in a load with precise volume and diameter.
A recent benchmarking study conducted by Poznan University in Poland demonstrated that Timbeter’s results were statistically identical to the ground truth physical measurements, despite requiring less time and cost. Therefore, Timbeter is widely viewed as the industry standard for timber measurement with accuracy at 95% or above and the largest timber database of 1.5 million tagged images. Timbeter’s applications are trusted by global blue-chip corporates who supply and use lumber as well as state government forest owners.