Source: Greeneye Technology news release
Greeneye Technology, the pioneer of AI-enabled precision spraying technology that is proven to reduce herbicide use in farming by an average of 88%, today 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.
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,” comments Nadav Bocher, CEO, 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.”
Greeneye’s mission is 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 breakthrough solution harnesses AI in combination with cutting-edge hardware to identify weeds among crops with high accuracy and spray chemicals only where they are needed – directly onto the weeds (see video). Uniquely, 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, increasing both productivity and efficacy. In 2022, Greeneye became the first company to launch precision spraying technology commercially in the U.S.
Barak Ben Eliezer, Managing Partner, Deep Insight, comments: “Our mission is to invest in disruptive technologies and ambitious leadership teams that have the potential to solve the world’s biggest challenges, and Greeneye fits squarely into that category.
“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. Not only does Greeneye understand this, but it has succeeded where others have not by bringing to market a viable precision spraying solution that is easy and affordable for farmers to implement into their existing operations. From a strategic point of view, Greeneye has also proven that it has a very clear understanding of the milestones it needs to reach in order to drive mass adoption of its technology, and it has achieved those milestones time and time again. We are proud to invest in Greeneye Technology and to be part of its exciting journey.”
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.”
