AI precision spraying startup Greeneye Technology raises $20 million
AI precision spraying startup Greeneye Technology raises $20 million
Greeneye’s solution, which harnesses AI in combination with cutting-edge hardware to identify weeds among crops with high accuracy and spray chemicals only where they are needed, is proven to reduce herbicide use in farming by 88%
Greeneye Technology, which develops AI-enabled precision spraying technology, announced the completion of a $20 million funding round led by Israeli investment company Deep Insight.
The round is supported by existing investors Syngenta Group Ventures, JVP, Orbia Ventures, and Eyal Waldman, the founder and former CEO of Mellanox (now part of Nvidia), as well as other notable new investors including Iron Nation and Amol Deshpande, the founder and former CEO of FBN. Also as part of today’s announcement, Greeneye welcomed Barak Ben Eliezer, Managing Partner at Deep Insight, to its Board of Directors.
The investment will be used to significantly scale Greeneye’s operation in the U.S. and to advance the technology’s analytical capabilities and extend its usage to new inputs and crops. The next phase of expansion will see dozens more systems deployed in farmers’ fields this year, targeting the 200m acres of corn, soybean and cotton grown in the U.S.
“Securing this round of capital in today’s challenging economic climate is further validation of Greeneye’s mission to drive mainstream adoption of precision spraying technology in the U.S. and, ultimately, globally,” said Nadav Bocher, CEO of Greeneye Technology. “We are delighted to welcome our new investors, and I would also like to thank our existing partners for their continued support. Together, we will continue to push technological boundaries in order to solve farmers’ critical challenges, overcome environmental challenges, and protect farmland for generations to come.”
Founded in 2017 by CEO Nadav Bocher, Head of R&D Itzhak Khait, and CTO Alon Klein Orbak,Greeneye aims to significantly reduce the millions of tons of agricultural chemicals that are applied to farmers’ fields globally each year, the majority of which are sprayed onto bare soil or crops. This overuse of chemicals – the result of what has until now been a necessary reliance on broadcast spraying – results in soil and water pollution, causes weeds to develop resistance to herbicides, increases chemical levels in food, and creates a large financial burden for farmers.
Greeneye’s solution, which harnesses AI in combination with cutting-edge hardware to identify weeds among crops with high accuracy and spray chemicals only where they are needed, is proven to reduce herbicide use in farming by 88%.
"Greeneye Technology is a shining example of Israeli innovation that is bringing about truly transformative change," says Gadi Porat, General Partner, JVP. "As concerns around the level of chemicals found in our food continue to increase, the global effort to address the issue is intensifying. Not only is Greeneye's groundbreaking technology helping to ensure that the food we eat is healthier and safer, but it also translates into significantly lower costs for farmers. We are extremely proud of the huge strides Greeneye is making to address the world’s climate and environmental crisis. With its talented founders and business leaders at the helm, and with its additional investment partners, we are confident that Greeneye will become an international category leader in its field."
