Greeneye Technology, manufacturer of AI-enabled precision spraying technology that is proven to reduce herbicide use in farming by an average of 88%, announces the completion of a $20m 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 welcomes Barak Ben Eliezer, Managing Partner at Deep Insight, to its Board of Directors.
More systems deployed
The investment will be used to 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.
Greeneye’s solution harnesses AI in combination with hardware to identify weeds among crops with haccuracy and spray chemicals only where they are needed – directly onto the weeds. It is designed to integrate with any brand, model or size of commercial sprayer, enabling farmers to seamlessly transition to precision spraying without having to invest in a costly new sprayer. In addition, its dual line/tank configuration enables precision and broadcast spraying to be carried out simultaneously. In 2022, Greeneye became the first company to launch precision spraying technology commercially in the U.S.
Building food systems
Barak Ben Eliezer, Managing Partner, Deep Insight, comments: “Building safe and resilient food systems that are capable of feeding a growing global population is of the utmost importance, and it starts by equipping farmers with the tools they need to transition to new practices.
Greeneye Technology is an example of Israeli innovation that is bringing about 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. We are proud of the strides Greeneye is making to address the world’s climate and environmental crisis. With its 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.”
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