Greeneye Technology, a pioneer of AI-enabled precision spraying technology for agricultural applications, announced the completion of a USD$22 million funding round led by JVP.
The round also includes participation from Syngenta Group Ventures, Hyperplane Venture Capital and One Way Ventures. They are joined by AGCO and KDT.
Greeneye has developed proprietary AI-enabled precision spraying technology that, according to the company, is proven to reduce herbicide volumes by up to 90 percent while also improving weed control efficacy compared to standard broadcast spraying.
The investment will be used to support Greeneye’s commercial launch in the U.S. in 2022 and its expansion across North America in 2023. It will also be used to advance the technology’s analytical capabilities and extend its usage to new inputs and crops, increasing the financial and environmental benefits of precision spraying to farmers beyond herbicides. Ahead of these milestones, Greeneye will double the size of its R&D team in Israel and its sales and operations team in the U.S.
In a news release, Greeneye stated it is the first company to launch an AI-based precision spraying system in the U.S. The system is designed to integrate seamlessly into any brand or size of commercial sprayer.