Agritech start-up Proveye has raised €1m in seed funding as the Irish company looks to expand its customer base and broaden its offering.
roveye has developed an artificial intelligence platform that uses image correction technology to provide information on productivity and sustainability on agricultural land.
The technology makes it possible to increase the accuracy of earth observation data collected by satellites, drones and sensors on the ground.
It is aimed at agricultural advisors, suppliers of fertilizers and pesticides, and food processors.
The funding round was led by Inspire Investments, the private investment arm of Waystone’s management team, and Enterprise Ireland.
The start-up will now use the new investment to expand its customer base and develop new solutions for grassland and arable crops.
Proveye will also seek to expand its capabilities in unmanned aerial vehicle (UAV) imaging.
The seed funding round follows a €225,000 deal with the European Space Agency last September.
“This investment comes at a time of rapid growth for the company as we demonstrate the value of a new generation of image-based analytics in agriculture,” said Founder and CEO Jerome O’Connell.
He added that the company is joining forces with other agribusiness players to “solve challenges previously unattainable.”
“Our global food system is at an inflection point and Proveye is setting the standard for image-based precision farming,” said Derek Delaney, Waystone CEO.
“We see tremendous potential for the company’s capabilities at a time when large companies are setting increasingly ambitious sustainability goals.”
https://www.independent.ie/business/irish/agritech-start-up-proveye-secures-1m-investment-42312303.html Agritech start-up Proveye secures €1m investment