Recycleye, a London, UK and Paris, France-based waste robotics company, raised $17M in additional Series A funding.
The round was led by DCVC, with participation from Promus Ventures, Playfair Capital, MMC Ventures, Creator Fund, Atypical, and Seaya Andromeda. The series A follows $5m previously raised in 2021 and $2.6m secured to date in European and UK government innovation funding.
The company intends to use the funds to scale its technology.
Co-founded in 2019 by CEO Victor Dewulf and CTO Peter Hedley, Recycleye uses AI-powered waste-picking robots to lower the cost of sorting materials. Using proprietary AI models, the robot “sees” waste and is trained to pick an unlimited number of material classes such as plastics, aluminium, paper and cardboard.
Recycleye was developed for use with the waste generated by households and businesses, and is able to operate 24/7, 365 days a year, currently picking up to 33,000 items per robot over a 10-hour shift, while capturing compositional data to enable strategic decisions by plant managers. The company is working with a growing number of waste management companies facing the two-fold challenge of labour shortages and increased costs while responding to growing demand for quality recyclates.
Its technology is installed in facilities in England, Ireland, Scotland, Germany, Australia, the US and France, with multiple robot orders confirmed in Italy and Belgium. The team has grown to 33 experts and includes graduates of Cambridge, Caltech, Imperial College London and the Universities of Bath, Warwick, Cardiff, Sheffield and Southampton.
FinSMEs
05/02/2023