Israeli company FruitSpec completed an investment round of $?4 million for its yield estimation solution.
Investors included AgVentures, a South African agtech investment company and Hubei Forbon Technology Co. Ltd., China.
According to FruitSpec, inaccurate fruit yield estimation from an early stage (especially in green fruit) remains a key problem in the food chain. The ability to accurately estimate a fruit yield has a major impact on key business decisions relating to crop maintenance/handling and sales projections.
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Currently, yield estimations are mostly performed by farmers/workers using a visual “count” from the sampling of a few trees. Until now, the main technological challenge in providing early season fruit yield estimates is the inability to distinguish the green fruit from the green leaves in an image.
FruitSpec says it solves this problem with its patented hyperspectral and computer vision algorithms, enabling the company to count the number of fruit and to estimate fruit sizes for accurate early season fruit yield estimation.
In recent commercial operations and field trials, FruitSpec claims it demonstrated accuracy rates above 95% with its technology (at an average of 97.3%).
FruitSpec says it’s positioned to have a major impact on the fruit yield estimation market, with a calculated 47 million hectares (116 million acres) of fruit orchards globally1 standing to gain from these developments. This translates to a $ 3 billion market potential for FruitSpec, according to company estimates.