April 24, 2024

By Lynda Kiernan-Stone, Global AgInvesting Media

Israeli investment company Deep Insight, and existing investors Syngenta Group Ventures, JVP, Orbia Ventures, and Eyal Waldman, the founder and former CEO of Mellanox, have invested $20 million in Greeneye Technology (“Greeneye”) in support of the company’s mission to significantly reduce the agricultural chemicals applied globally each year – the majority of which are sprayed on bare soil or crops. 

Other notable investors connected with this round are Iron Nation, and Amol Deshpande, the founder and former CEO of FBN, and as part of the framework of the round, Greeneye Technology will welcome Barak Ben Eliezer, managing partner, Deep Insight, to its Board of Directors. 

Precision spraying technology contributes to environmental protection by minimizing chemical usage. Through targeted application, precision spraying reduces excess usage and minimizes chemical runoff, conserving resources and mitigating the risk of soil and water contamination.

Furthermore, precision spraying technology promotes human health by decreasing exposure to harmful chemicals by minimizing inhalation risks and limiting skin contact, and improves food safety by reducing residue levels on crops.

And economically, it offers numerous advantages. By reducing the need for excess chemicals, it lowers input costs for farmers, decreases environmental cleanup costs, increases crop yields by more effectively targeting pests, diseases, and weeds, and enhances the efficiency of nutrient delivery.

Greeneye is a pioneer of AI-enabled precision spraying technology, being the first company to launch precision spraying technology commercially in the U.S. Its breakthrough solution combines AI with cutting-edge hardware to identify weeds among crops with a high rate of accuracy and the ability to spray chemicals only where needed, and has been proven to reduce herbicide use in farming by an average of 88 percent. 

The system is uniquely designed to integrate with any brand, model, or size of commercial sprayer, enabling for a seamless transition to precision spraying without the cost of new sprayer equipment. 

Additionally, its dual line/tank configuration enables precision and broadcast spraying to be carried out simultaneously for increased productivity and efficacy. 

“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,” said Barak Ben Eliezer, managing partner, Deep Insight.

“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.”

Eliezer continued, “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.”

With this funding, Greeneye plans to significantly scale its operation in the U.S., to advance its technology’s analytical capabilities, and to extend its usage to new inputs and crops. The company’s next phase of expansion will result in dozens more systems being deployed in fields this year, targeting the 200 million acres of corn, soybeans, and cotton grown in the U.S. 

 “As concerns around the level of chemicals found in our food continue to increase, the global effort to address the issue is intensifying,” said Gadi Porat, general partner, JVP. “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.”

Nadav Bocher, CEO of Greeneye Technology, commented, “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.”

~ Lynda Kiernan-Stone is editor in chief with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and Agtech Intel News. She can be reached at lkiernan-stone@globalaginvesting.com.

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