Key Takeaways:
- Significant Funding: Greeneye Technology completes a $20 million funding round led by Deep Insight to enhance precision agricultural practices.
- Investor Support: The round saw participation from Syngenta Group Ventures, JVP, Orbia Ventures, Eyal Waldman, and new investors including Iron Nation and Amol Deshpande.
- Strategic Expansion: Funds will be used to scale operations in the U.S., targeting major crops such as corn, soybean, and cotton, and to advance the technology’s capabilities.
- Environmental Impact: Greeneye’s technology reduces herbicide use by 88%, addressing soil and water pollution and promoting sustainable farming.
- Technological Innovation: The system uses AI to detect weeds accurately and allows integration with any commercial sprayer, reducing the need for costly equipment upgrades.
Funding and Expansion Plans
Greeneye Technology, a pioneer in AI-enabled precision spraying, announced the successful closure of a $20 million funding round led by Israeli investment company Deep Insight. The investment round also included contributions from existing investors like Syngenta Group Ventures and new participants such as Iron Nation and Amol Deshpande, founder of FBN.
The funding will significantly scale Greeneye’s operations in the U.S., particularly to enhance its technological capabilities and broaden its application to various inputs and crops. Nadav Bocher, CEO of Greeneye Technology, highlighted the strategic impact of the funding: “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 globally.”
Technological Advancements and Market Adoption
Greeneye Technology’s system significantly cuts down herbicide usage by an average of 88% by precisely targeting only the weeds with herbicides, rather than the traditional method of broadcast spraying. This not only reduces the chemical load in the environment but also minimizes the risk of herbicide resistance developing in weed populations.
The technology incorporates AI with advanced hardware that can identify weeds among crops with high accuracy. It is designed to be compatible with any brand or model of commercial sprayer, facilitating a smoother transition for farmers to precision spraying technologies without the need for substantial new investments in equipment.
Environmental Benefits and Operational Efficiency
The dual line/tank configuration of Greeneye’s system allows for both precision and broadcast spraying, which enhances productivity and efficacy. In 2022, Greeneye marked a significant milestone by becoming the first company to commercially launch precision spraying technology in the U.S.
Barak Ben Eliezer, Managing Partner at Deep Insight, expressed his enthusiasm for Greeneye’s potential: “Greeneye’s technology not only supports the creation of safer and more resilient food systems but also aligns with our mission to invest in technologies that address major global challenges. Its ability to significantly lower costs for farmers and reduce environmental impact positions Greeneye as a leader in the agricultural tech field.”
Market Impact and Future Directions
As the technology progresses, Greeneye aims to deploy dozens of systems across the U.S. in the upcoming year, focusing on a combined area of 200 million acres of corn, soybean, and cotton. This expansion is expected to significantly enhance the efficiency of agricultural chemical use, thereby supporting sustainable farming practices and reducing environmental pollution.
Gadi Porat, General Partner at JVP, also commented on the impact of Greeneye’s innovations: “The technology developed by Greeneye is instrumental in reducing the levels of chemicals in our food supply, ensuring healthier food production. The impressive strides made by Greeneye in addressing climate and environmental crises through innovation are commendable.”
Greeneye Technology Latest News
Enhances Advisory Board with Agtech Veteran Tobias Menne (2024/03/21)
Greeneye Technology, known for its AI-enabled precision spraying for agriculture, has added Tobias Menne to its advisory board. Menne, an agtech veteran with over two decades of experience, is expected to play a key role in advancing the company’s strategic initiatives. He believes in the potential of Greeneye’s technology to dominate the market and unlock significant value for growers. The company aims to expand its market presence, introducing its system to new states and adapting its technology for additional crops and inputs.
Appoints Ori Sarfaty as VP of R&D (2023/07/13)
Greeneye Technology, the industry frontrunner in AI-enabled precision spraying technology known for reducing herbicide usage by up to 94%, has announced Ori Sarfaty as its new Vice President of Research and Development. Sarfaty’s appointment followed Greeneye’s notable U.S. launch last year, and he will now lead the development of the company’s next-generation technology, expanding its applications to include new crops and inputs, thus enhancing its value proposition to farmers beyond just herbicide reduction.
Greeneye Technology & Farmers Business Network Join Forces (2023/01/25)
Greeneye Technology and Farmers Business Network (FBN) have announced a long-term strategic collaboration agreement to help farmers reduce weed control costs and increase profitability. The partnership will combine Greeneye’s retrofit precision spraying systems and FBN’s Precision Spraying Packs – customized crop protection and nutrition plans that FBN is developing for use specifically with the Greeneye technology – and financing offerings. The program will launch in the U.S. for the 2024 growing season.
NuWay-K&H Introduces Greeneye Precision Spraying for Agtech Advancement (2023/01/11)
Following the purchase of a Greeneye Technology precision spraying system, NuWay-K&H Cooperative has announced a significant expansion to its agtech offering in order to significantly reduce herbicide use, boost the effectiveness of its weed management programs, increase crop yields, and support sustainability initiatives. It has designed customized input packages to achieve farmers’ main goals in order to make the switch to precision spraying easier. In field testing, it was found to achieve the same degree of effectiveness as the broadcast application while, on average, using 87% fewer non-residual herbicides. The business is certain that the approach will enable farmers to collaborate more successfully with large food firms seeking to cooperate with sustainable suppliers.
