Proveye bags €1m seed investment for image-based analytics tech

25 Jan 2023

ProvEye CEO and co-founder Dr Jerome O’Connell. Image: Nick Bradshaw

Based in NovaUCD, Proveye will use the latest funding to further grow its customer base and advance its technology.

Irish agritech start-up Proveye has closed a €1m seed funding round for its remote sensing image analysis technology.

A former Start-up of the Week, Proveye is based in NovaUCD and was founded by Dr Jerome O’Connell and Prof Nick Holden. The duo developed tech that removes noise from image data, making it easier to understand and derive insights.

This has applications in multiple areas such as the measurement of crop yield, disease detection, productivity and environmental impact.

“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 Jerome O’Connell, CEO and founder of Proveye.

“Our talented team is working with some of the leading names in the agriculture industry to solve challenges previously out of reach to substantially increase certainty and accuracy in management decisions at the field, farm and even regional scale.”

The funding round was led by Inspire Investments, the private investment arm of Waystone’s management team, and Enterprise Ireland.

Last September, Proveye was awarded €225,000 in funding from the European Space Agency to develop a grassland management platform.

Waystone CEO Derek Delaney said the global food system is “at a tipping point” and Proveye is “setting the standard” for image-based precision agriculture.

“We see enormous potential for the company’s capabilities at a time where major companies are setting increasingly ambitious sustainability targets. Proveye’s technologies enable a leap forward in precision insights in a market that is ripe for innovation.”

The latest funding is expected to help Proveye grow its customer base and further develop its technology to expand into more specialist areas of drone-based image processing.

“We are excited to embark upon this new phase of growth bringing our products to solve ever-more complex problems for our clients, building on the long-term power of our insights’ platform,” added O’Connell.

“Our clients are invested in this potential as they search for new ways to measure sustainability and productivity at multiple scales. Together, we are redefining the basis on which critical decisions are made in agriculture and natural resources. We’re thrilled for what’s ahead.”

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Vish Gain is a journalist with Silicon Republic