The investment will help Greeneye Technology to advance product research and development and expand strategic partnerships with sprayer manufacturers and other stakeholders
Greeneye Technology, a start-up developing artificial intelligence (AI) platform to detect and spray weeds in real-time, has secured $7m in seed funding, led by Jerusalem Venture Partners (JVP).
Other investors participating in the funding round of Greeneye Technology included Syngenta Ventures, 2B Angels, One Way venture, Panache Ventures Techstars, and Hyperplane Venture Capital.
Established in 2017, Greeneye Technology has developed an artificial intelligence platform which is claimed to detect and spray weeds in real-time.
Till date, farmers spray their fields uniformly using a chemical-intensive treatment, without distinguishing between the crop, the bare soil, and the weeds, resulting in significant economic loss and also cause environmental damage as it speeds up the development of herbicide-resistant weeds.
The company claims that its selective spraying (SSP) system can be easily retrofitted into any agricultural sprayer to deliver plant-level variable spraying.
Furthermore, the technology can be used for mapping the entire field with cameras at a plant level resolution, offering a robust and affordable scouting solution.
Greeneye Technology to expand partnership with sprayer manufacturers
The investment will be used by Greeneye Technology to advance product research and development and expand strategic partnerships with sprayer manufacturers and other stakeholders.
The company plans to commercialise the technology after conducting a series of field trials with farmers. The funding will also help to deepen its analytics capabilities and expand into additional spraying applications.
Greeneye Technology co-founder and CEO Nadav Bocher said: “We are thrilled to have JVP an international leading VC fund and Syngenta as a strategic and industry expert investors to help fuel Greeneye’s growth.
“Both our investors share with us the understanding that the way farmers spray chemicals in agriculture is about to be massively disrupted to a more efficient and sustainable manner.
“Our mission is to reduce the usage of chemicals that are being sprayed in agriculture, utilising 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 challenges.”
As part of the funding, two new board members will join Greeneye Technology, including JVP partner Michal Drayman and Syngenta Ventures managing director Shubhang Shankar.