Greeneye Technology raises funding round of $22M led by JVP

Greeneye Technology was founded in 2017 in Tel Aviv with the mission of developing alternative and sustainable solutions to current crop protection practices.

By JERUSALEM POST STAFF

DECEMBER 25, 2021 13:28

The system utilizes proprietary AI and deep learning to detect and spray weeds amongst crops with 95.7% accuracy (photo credit: Incus Media) — The system utilizes proprietary AI and deep learning to detect and spray weeds amongst crops with 95.7% accuracy

(photo credit: Incus Media)

Greeneye, a JVP portfolio company that has developed an AI-based system for smart agriculture, announced the completion of a $22 million fundraising round.

The company was founded in 2017 by three veterans of Israel’s elite Sheldag commando unit. They developed a system that works to reduce pesticide use by 90%, dramatically reducing the extent of environmental pollution, damage to the public health, and the cost involved in traditional crop spraying methods.

The EU recently announced a target to reduce pesticide use by half by 2030 – meaning there is not only a responsibility, but a growing market demand for pollution reducing solutions in line with regulatory requirements. This is reflects in Greeneye's significant market potential.

The company operates in Tel Aviv, and employs 25 people, 20 of them in Israel. The current round brings the total investment in the company to $29million.