Proveye funding news – Dublin-based Proveye has Raised €900k in Funding

Under ESA's ARTES Business Applications and Space Solutions Programme, Proveye will further develop its platform, which uses satellite and drone imagery with AI to accurately measure and monitor carbon storage and biodiversity in grasslands worldwide.

Proveye Offering

The platform provides precise data for stakeholders like farmers, carbon credit buyers, food processors, natural capital investors and insurers. It helps verify activities, measure progress and create trustworthy nature-based credits.

Founded by Jerome O’Connell and Professor Nick Holden as a spin-out from University College Dublin, this new contract will strengthen Proveye’s ability to promote sustainable farming and track carbon removal, helping improve global climate resilience.

Jerome O’Connell, CEO said, “This contract with ESA marks a significant milestone in our mission to help deliver nature-based solutions that drive climate resilience and sustainable food production, We are excited to build on our previous success with ESA and continue advancing our technology to support the pressing need to produce more food in a more sustainable manner. Grassland ecosystems are under significant pressure from climate change and intensive agriculture. Our platform empowers farmers to manage grasslands more efficiently, give actionable insights to project owners and provide investors and corporates with empirical evidence on the impact of their nature capital investments. Frequent and accurate metrics are critical to the widespread adoption of nature-based solutions and given the lack of significant financial commitments being secured at COP29 highlights even more the pressing need for platforms such as ours to give investors the assurance of impact on their investments.”

Grasslands cover 54% of the Earth's land as per the UN Rangeland Atlas, and are vital for carbon storage and food production. They hold over 20% of the planet's soil carbon but their value is often overlooked due to challenges in large-scale monitoring. Proveye’s platform addresses this by offering precise data, helping manage grasslands effectively and support climate resilience.

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Paul Kennedy Chief Commercial Officer at Proveye highlighted the potential impact of the project: “Proveye’s second collaboration with ESA highlights the company’s pivotal role in shaping the future of sustainable food production and climate resilience. This contract is expected to have far-reaching impacts, not only in Europe but globally, by driving efficiencies in habitat and grassland management and contributing to broader sustainability targets for all stakeholders in food production, natural capital and biodiversity restoration.“

About Proveye

Proveye is revolutionizing digital imagery to improve decision making in agriculture and environmental management. Its AI-driven platform uses advanced image correction technology to deliver faster and more accurate results than ever before.