Greeneye Technology, the pioneer of AI-enabled precision spraying technology that is proven to reduce herbicide use in farming by an average of 88%. They complete $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, 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.
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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.
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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.
About Greeneye Technology
With Greeneye Technology, farmers can increase their profitability and production while meeting the growing worldwide demand for food by using a sustainable alternative to the current crop protection approach.
