AGCO Invests in Greeneye Technology, Acquires Appareo

AGCO has taken a stake in a firm specializing in AI precision equipment.

The company bought a 2.9 percent equity stake in Greeneye Technology, which is based in Israel and specializes in AI-driven spraying equipment.

Two days before this announcement, AGCO released news that it had made an equity investment in Apex.AI, which develops software for mobility and autonomous vehicles.

Greeneye’s system uses artificial intelligence to detect and spray individual weeds with the goal of reducing herbicide usage. The company says the system is capable of identifying weeds down to the species level. That, in turn, can allow farmers to more effectively treat herbicide-resistant weeds that may show up in their fields.

“Our investment in Greeneye Technology complements AGCO’s farmer-first strategy, which has been designed to deliver industry-leading smart farming solutions that improve our customer’s net farm income,” said AGCO Chairman and CEO Eric Hansotia.

In other news, AGCO announced an agreement to acquire Appareo Systems, LLC. The acquisition is expected to close this month.

Appareo, which is based in Fargo, N.D., offers AI solutions focused on communication, monitoring, sensing, tracking and controlling devices and systems used in agriculture, among other things.

“We see Appareo as a great addition to support delivering high quality, smart solutions to our farmers to maximize both their user experience and profitability,” Hansotia said.

Member since 1972 | wil-rich.com | Sources: AGCO, Yahoo! Finance