Greeneye Technology, a pioneer of AI-enabled precision spraying technology that is proven to reduce herbicide use in farming by an average of 88%, announced the completion of a $20 million funding round led by Israeli investment company Deep Insight.
This funding round was supported by existing investors Syngenta Group Ventures, JVP, Orbia Ventures, Eyal Waldman, the founder and former CEO of Mellanox (now part of Nvidia), and other notable new investors, including Iron Nation, and Amol Deshpande, the founder and former CEO of FBN. Greeneye also welcomed Barak Ben Eliezer, Managing Partner at Deep Insight, to its Board of Directors.
This funding round will significantly scale Greeneye’s operation in the U.S., advance the technology’s analytical capabilities, and extend its usage to new inputs and crops. The next expansion phase will see dozens more systems deployed in farmers’ fields this year, targeting the 200 million acres of corn, soybeans, and cotton grown in the U.S.
Greeneye’s goal is to significantly reduce the millions of tons of agricultural chemicals applied to farmers’ fields globally each year, most of which are sprayed onto bare soil or crops. And 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 utilizes 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). 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.
The company’s 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.
KEY QUOTES:
“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. 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.”
– Nadav Bocher, CEO, Greeneye Technology
“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.”
– Barak Ben Eliezer, Managing Partner, Deep Insight
“Greeneye Technology is a shining example of Israeli innovation that is bringing about truly transformative change. 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.”
– Gadi Porat, General Partner, JVP
