Greeneye raises $22 million for AI crop protection
The Israeli startup utilizes AI and deep learning technology to transform the weed and pest control process in agriculture, reducing up to 90% of herbicide and chemical usage
Greeneye Technology, which has developed AI-enabled precision spraying technology for agricultural applications, announced on Thursday the completion of a $22 million funding round led by JVP. The round also includes participation from Syngenta Group Ventures, the world’s largest manufacturer of crop protection chemicals, Hyperplane Venture Capital and One Way Ventures. They are joined by leading agricultural machinery manufacturer, AGCO, and KDT.
Founded in 2017, Greeneye utilizes artificial intelligence and deep learning technologies to transform the weed control process in agriculture, transitioning from the current practice of wasteful spraying of herbicides to accurately detect and spray weeds in real-time. Greeneye’s selective spraying (SSP) system can easily integrate into any agricultural sprayer, by retrofitting existing sprayers or through working in collaboration with sprayer manufacturers to deliver plant-level variable-rate spraying.
Greeneye employs 22 people and is planning to use the investment to support the company’s commercial launch in the U.S. in 2022 and its expansion across North America in 2023. It will also be used to double the size of its R&D team in Israel and its sales and operations team in the U.S. Greeneye is the first company to launch an AI-based precision spraying system in the U.S., where it has already secured dozens of contracts with farmers in the Midwest.
Greeneye was founded by CEO Nadav Bocher, Head of R&D Itzhak Khait, and CTO Alon Klein Orbak. "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," said Bocher. "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.”
Erel Maragalit, Founder and Chairman of JVP, added: "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."