Recycleye, a developer of digital tools designed to detect and provide analytics on waste management, has raised a £3.5M funding in a seed round.
The round was led by deep-tech venture capital firm Promus Ventures through its Orbital Ventures space fund. Other existing investors like Playfair Capital, MMC Ventures, Atypical Ventures, and Creator Fund participated. To date, the company has raised £4.7M in funding.
The London-based company will use the funding to further enhance the accuracy of its technology and expand its team. In addition, it will expand into new European markets, and further consolidate within existing territories (including the UK, France, and Italy), and expand its product line beyond vision systems.
Company: Recycleye Ltd.
Raised: £3.5M
Round: Seed Round
Funding Month: September 2021
Lead Investors: deep-tech venture capital
Additional Investors: Playfair Capital, MMC Ventures, Atypical Ventures, and Creator Fund
Company Website: https://recycleye.com/
Software Category: Waste Management
About the Company: Founded in 2019 by Victor Dewulf and Peter Hedley, Recycleye uses advanced machine learning, computer vision, and robotics to bring transparency, traceability, and accountability to the waste management industry. Recycleye prevents valuable recyclates from being downcycled, a result of inefficient and ineffective manual labor. The company empowers recycling facilities to increase the purity and subsequent value of their output, increasing the resale value of bales fivefold. By lowering operational expenditure, Recycleye can save facilities up to £2M each year.
Source: https://www.uktech.news/news/london-based-waste-management-startup-recycleye-raises-35m-20210923