Greeneye Technology, specialist in AI-enabled precision spraying technology, completed a $20m funding round, to be used for expanding the company’s U.S. activities. Greeneye Technology reduces herbicide use in farming by an average of 88%.
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 new investors including Iron Nation and Amol Deshpande, the founder and former CEO of FBN.
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.
“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,” comments Nadav Bocher, CEO, Greeneye Technology.
Greeneye’s mission is to significantly reduce 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 harnesses AI in combination with hardware to identify weeds among crops with high accuracy 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 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, increasing both productivity and efficacy.
