FruitSpec, a new Israeli company, seeks to revolutionize the world of fruit production, which covers more than 45 million hectares worldwide, by automating the estimation of crop yields.
To date, crop yields are estimated manually: the agricultural teams count the number of trees and, based on a sampling of some randomly selected trees in the field or in photos, estimate the production of the whole field. However, since it's very difficult to distinguish the fruit that hasn't ripened from the green leaves, it's very common that these estimates are inaccurate, to the point that they have a 30 to 40 percent margin error, which negatively affects the producer's profitability.
The emerging technology company FruitSpec aims to solve this problem by using hyperspectral images to collect and process information from the entire electromagnetic spectrum. The company processes the images with computer vision algorithms to count the actual amount of fruit there is in the fields. This technology can also be used to estimate the size of the fruit when it is ripe.
In October 2019, FruitSpec raised $ 4 million dollars from the South African agricultural technology investment company AgVentures and the Hubei Forbon fund in China.