Greeneye Technology, an Israeli startup developing an artificial intelligence platform to detect and spray weeds in real-time, announced that it closed a seed funding round of $7 million, led by Jerusalem Venture Partners (JVP).
Participation in the round also included Syngenta Ventures, the largest crop chemical producer in the world, 2B Angels, One Way venture, Panache Ventures Techstars, and Hyperplane Venture Capital. JVP’s Michal Drayman,
Syngenta Ventures’ Shubhang Shankar will join Greeneye’s board as part of the agreement.
Founded in 2017, Greeneye’s technology maps an entire field with cameras at a plant level resolution, offering a robust scouting solution for detecting and killing weeds. Currently, farmers worldwide spray their fields uniformly without distinguishing between crops, soil, and weeds.
“This market failure results not only in a significant economic loss to the farmers, but also causes material environmental damage and accelerates the development of herbicide-resistant weeds,” the company said in a statement.
Greeneye said its selective spraying (SSP) system can integrate into any agricultural sprayer by retrofitting existing systems or working in collaboration with sprayer manufacturers to deliver plant-level variable-rate spraying. Trials have indicated that the tech “reduces herbicide usage by 65‒92 percent, which supports our mission to address these global agricultural challenges,” said Nadav Bocher, co-founder and CEO of Greeneye Technology.
The startup said it will use the investment to advance product R&D and expand partnerships with sprayer manufacturers and other stakeholders. It aims to commercialize its technology after a series of field trials with farmers and multinational cooperation this year.
“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,” said Bocher. “Our mission is to reduce the usage of chemicals that are being sprayed in agriculture, utilizing artificial intelligence to provide precise and targeted spraying in real-time, save money for farmers while increasing their productivity and profitability.”
Erel Margalit, JVP founder and chairman said: “Greeneye’s technology is revolutionizing the agricultural industry by reducing 90 percent of pollutants and hazardous use of pesticides, impacting our soil, water, air, and the very crops we eat. Governments, farmers and the general public are striving for a reality in which agriculture protects the environment. The strategic partnership forged with Syngenta is a clear show of confidence in Greeneye’s technology, signaling that the future is already here. In just a few short years, farmers worldwide will be implementing Greeneye’s revolutionary technology in everyday use.”
“The future of weed control will enable growers to spray more efficiently and more sustainably, addressing challenges such as herbicide resistance and overuse of inputs,” said Shankar, of Syngenta Ventures. “To achieve this requires a cost-effective solution that addresses real-world conditions. The Greeneye team has developed a platform that has the potential to solve many of the technical challenges facing row-crop growers, while applying industry-leading technologies that are scalable to commercial agriculture.”