Israeli Firm Nets $22m for AI Spraying Tech
Greeneye Technology, a pioneer of AI-enabled precision spraying technology for agricultural applications, has announced the completion of a $22 million (USD) funding round. The round was led by JVP and included participation from Syngenta Group Ventures, one of the world’s largest manufacturers of crop protection chemicals.
Greeneye Technology was founded in 2017 in Tel Aviv, Israel, with the mission to develop alternative and sustainable solutions to current crop protection practices to meet the growing global demand for food production. The company is pioneering the use of precision spraying technology by harnessing AI and deep machine learning to enable intelligent, real-time decisions in the field that are proven to cut chemical use by up to 90% and improve weed control efficacy compared to standard broadcast spraying.
The investment will be used to support Greeneye’s commercial launch in the U.S. in 2022 and its expansion across North America in 2023. It will also be used to advance the technology’s analytical capabilities and extend its usage to new inputs and crops, increasing the financial and environmental benefits of precision spraying to farmers beyond herbicides. Ahead of these milestones, Greeneye will double the size of its R&D team in Israel and its sales and operations team in the U.S.
“We are delighted to have concluded this round of funding with such a diverse group of highly experienced financial and strategic investors alongside two of the leading companies in the global agriculture industry. This funding round marks a major milestone in our mission to dramatically reduce chemical usage in agriculture and increase profitability and productivity for farmers, while also providing consumers with safer and healthier food.
“Precision spraying has a crucial role to play in our essential transition to a sustainable food production system, and this investment signals the industry’s absolute confidence that Greeneye is the company to lead the charge”, said Nadav Bocher, CEO, Greeneye Technology.
Greeneye’s AI-based solution is expected to accelerate the mainstream adoption of precision spraying by solving previous barriers including accuracy and cost. This is achieved via AI and deep learning to detect and spray weeds amongst crops (green on green) with 95.7% accuracy. The system is further designed to integrate into any brand or size of commercial sprayer, eliminating the need for farmers to invest in new machines.
Erel Maragalit, Founder & Chairman, JVP, noted: “Greeneye’s smart spraying solution promises to transform weed control by reducing the use of pesticides by up to 90%. This will have a dramatic impact on human health, the environment, and on farmers’ profitability, especially as farm input costs continue to skyrocket. Our continued investment in Greeneye is part of our wider vision to invest in companies that provide ground-breaking solutions to the world’s most critical challenges”.
You can find more information about Greeneye and its $22 million funding round on its website.
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