The Israeli Greeneye, which brings the good news of smart agriculture, announced today the completion of a $ 22 million round of funding, led by the JVP Foundation. Leading strategic investors Syngenta Ventures – the investment arm of the world’s largest pesticide manufacturer, participated in the recruitment together with AGCO, one of the world’s leading agricultural machinery manufacturers with which a strategic cooperation agreement was signed. Hyperplane Venture Capital and KDT also participated in the investment round.
Following the recruitment, Green-Ai is expected to double its research and development team in Israel, thereby expanding the system’s analytical capabilities to agricultural crops and other pesticides beyond herbicides.
In addition, the company is preparing for the first commercial launch in the United States in the United States, scheduled for April 2022. As part of this, Green-A intends to double its sales team in North America.
In recent decades, the way farmers around the world spray herbicides has been made uniformly across the field several times each season, even though the harmful weeds are only found in a small part of the field. In practice, most pesticides are sprayed in vain on agricultural crops or on exposed soil. This method of spraying involves high costs of pesticides, it causes health damage and environmental pollution of groundwater, soils and the entire ecosystem.
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The unique technology developed by Green-Ai reduces the extent of pesticide use by 90% and makes it possible to increase agricultural yields, save money, and dramatically reduce the extent of environmental pollution, health damage and the costs involved in spraying pesticides as it is done today. This is the model for future agriculture, which is in line with the requirements of global regulation. In 2020, the EU announced a target to reduce pesticide use by 50% by 2030.
Green-Ai technology is based on artificial intelligence and machine learning, and it allows you to selectively, accurately and in real time spray only the weeds in the field and dramatically reduce the use of pesticides in agriculture, using cameras and sensors installed on the spray tool arms.
The system easily interfaces with existing agricultural sprayers (the heavy mechanical equipment with the long spray arm) and turns them into smart sprayers. The Green-Ai system is installed on the agricultural sprayer, thus eliminating the need to purchase a new sprayer and saving the farmer hundreds of thousands of dollars. In addition, the system collects and analyzes images from the field to allow farmers to get an up-to-date and reliable snapshot of the crops at any given moment. To date, Green-A has signed dozens of contracts with U.S. farmers and a strategic partnership with AGCO, one of the largest automation companies in the world that also participated in the recruitment round.
Grain-A was founded in 2017 by three entrepreneurs who recognized military service in the Sheldag unit: Nadav Boker (CEO), Dr. Yitzhak Hayat (VP of Development) and Alon Klein-Orbach (VP of Technology). “We are pleased to complete this round of funding, with a diverse and experienced team of leading financial investors and strategists,” said Nadene Bocher, CEO of Greeneye. Increasing the profitability and productivity of farmers around the world. “The technology we have developed allows us to provide healthier and safer food to consumers and dramatically reduce soil and water pollution caused by the method by which pesticides are sprayed today.”
Erel Margalit, founder and chairman of JVP, says: “Green-Ai brings the new good news in the world of spraying and succeeds in reducing the use of pesticides by 90%. This fact has a dramatic impact on our health, our environment, groundwater pollution and also the costs to farmers. “With Green-Ai technology, change can be made in the United States, Europe, Asia, Africa, Israel and around the world. We are proud of this development and think it can have a huge impact on the climate and the environment.”
The pesticide market is estimated at about $ 60 billion and is growing significantly. The dominant player in the production of pesticides is Syngenta, whose investment arm is a strategic investor in the company. Syngenta’s investment reflects the confidence that the global pesticide giant sees in Green-eye technology and the understanding that the way farmers spray pesticides is likely to change dramatically.
“Greeneye focuses on the real need of customers, and they have proven that they can develop an innovative solution that brings significant value to farmers,” says Eric Henstoy, Chairman and CEO of global automation maker AGCO. “We look forward to investing in this innovative company and being its partners. We look forward to seeing more announcements.”
“The GRI system is an important component in addressing the many challenges facing farmers around the world, which include increasing herbicide resistance to pesticides and growing farm operating costs,” said Shubang Shanker, managing partner at Syngenta Group Ventures. “Green Islands expresses our commitment to support farmers and technological solutions that increase the profitability of farmers and contribute to the industry as a whole.”
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Green-A was established in 2017 with a specialization in precision agriculture. The company has developed an artificial intelligence-based system that enables selective spraying of pesticides in real time by interfacing with agricultural sprayers resulting in a reduction of up to 90% in pesticide use, dramatic reduction of environmental pollution, health damages and costs associated with pesticide spraying as it is done today . You can learn more about the company at www.greeneye.ag or contact us by email [email protected]
The JVP Foundation is a leading international foundation at the forefront of global technological innovation. Since its inception in 1993, by the fund’s chairman Dr. Erel Margalit, it has raised a total of over $ 1.5 billion, and has been ranked many times by Preqin and other rankings as one of the ten best-performing venture capital funds in the world. JVP has established top From 160 companies, while leveraging an extensive network of partners and market expertise to help companies become international market leaders.As one of the pioneers of the Israeli venture capital industry, JVP has played a key role in establishing some of the largest companies in Israel, promoting 12 IPOs at NASDAQ. The foundation operates leading centers of excellence in Israel and New York that are role models and a magnet for building strategic collaborations with many sectors and technology giants from around the world. https://www.jvpvc.com/
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