Greeneye Technology, an AI-powered precision agriculture platform that detects and spray weeds in real-time, closed a $7 million seed funding round.
JVP led the round with participation from Syngenta Ventures, 2B Angels, One Way venture, Panache Ventures Techstars, and Hyperplane Venture Capital.
As part of the investment, Michal Drayman, partner at JVP, and Shubhang Shankar, Managing Director of Syngenta Ventures, will join the company’s board of directors.
Greeneye plans to use the latest investment to advance product research and development while expanding its strategic partnerships with sprayer manufacturers and other stakeholders.
The company aims to commercialize its technology after a series of field trials with farmers and multinational cooperation contracted in 2020. The funds will also help to deepen the technology’s analytics capabilities and expand to additional spraying applications.
“Our mission is to reduce the usage of chemicals that are being sprayed in agriculture, utilizing artificial intelligence to provide precise and targeted spraying in real-time, save money for farmers while increasing their productivity and profitability. Our trials indicate that our technology reduces herbicide usage by 65‒92%, which supports our mission to address these global agricultural challenge,” said Nadav Bocher, Co-Founder and CEO, Greeneye Technology.
Founded in 2017, Greeneye is developing a platform using artificial intelligence to accurately detect and spray weeds in real-time. To date, farmers worldwide still spray their fields uniformly using a chemical-intensive treatment, without distinguishing between the crop, the bare soil, and the weeds.
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. In addition to the significant savings that Greeneye’s precision spraying technology offer to farmers, it also maps the entire field with cameras at a plant level resolution, offering a robust, and affordable scouting solution.
“The future of weed control will enable growers to spray more efficiently and more sustainably, addressing challenges such as herbicide resistance and overuse of inputs,” said Shubhang Shankar, Managing Director of Syngenta Ventures. “To achieve this requires a cost-effective solution that addresses real-world conditions. The Greeneye team has developed a platform that has the potential to solve many of the technical challenges facing row-crop growers while applying industry-leading technologies that are scalable to commercial agriculture.”
Image by Franz W. from Pixabay