Proveye, an Irish start-up that uses advanced image processing techniques to solve problems in the agriculture industry, has closed a €1 million seed funding round.

The company is a University College Dublin (UCD) spin-out headquartered at NovaUCD.

"Proveye provides an intelligent enterprise SaaS platform combining pioneering image processing for multiple remote sensing sources with Artificial Intelligence (AI) and machine learning," the company explained in a statement.

"It is used by agricultural advisors, fertiliser and pesticide suppliers and food processors to provide fast and accurate information about productivity and sustainability on agricultural land to their farmer customers," it added.

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

Derek Delaney, CEO of Waystone said they 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," he said.

"This is the second heavily differentiated, growth sector Irish company we have backed along with IDPal," he added.

Jerome O'Connell, CEO and founder of Proveye, said this investment comes at a time of rapid growth for the company.

"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," he said.

"The funding will enable the company to grow its customer base, and capitalise on its proven technology to develop further solutions across grassland, arable crops, and into more specialist areas of UAV image processing," he added.

This latest investment follows on from the company's success in winning a €225,000 contract with the European Space Agency last September.