Promus Ventures is privileged to lead the $4.8M seed round of Recycleye, a London-based startup using advanced computer vision, artificial intelligence and robotics to solve the world’s global waste management problem.
Together with existing investors Playfair Capital, MMC Ventures, and Atypical Ventures, we are excited to back Recycleye’s end-to-end computer vision waste sorting platform. Recycleye will use the funding to continue to scale its robotic systems, move into new markets, and expand beyond vision systems.
The global waste market is worth $2.3T. A significant portion of this waste ($680B) travels through recycling plants. The recycling market is expected to grow significantly over the next ten years due to a combination of regulatory pressures (landfill tax, requirements to recycle across the board, bans on export of waste to other geographies) and growth in recyclable materials (plastics production to grow by 70% by 2030).
To be able to handle this growth, the industry needs to evolve and make waste management more intelligent and efficient. Recycleye wants to digitalize the sorting information gathered from its platform, and this data will be key to this transition. The team will also utilize geospatial data and hyperspectral satellite imagery will help the sector “see” beyond just physical facilities by optimizing routes and decentralizing operations. By more efficiently routing waste streams to under-utilized recycling facilities, companies can increase throughput and minimize bottlenecks.
The team believes that “waste does not exist — only materials in the wrong place.” They envision a future where the Company’s data directs facilities where materials should go versus just being sent to the large recycling facility. By understanding what is being sorted in the facilities better as well as optimizing transport into more local and smaller operations, the team can dramatically help the recycling and waste industry become more efficient and cost-effective.
We look forward to working with co-founders Victor Dewulf and Peter Hedley as well as the entire Recycleye team, and fortunate to have led this new financing round.
There is indeed no time to waste!
Recipients of this post are not to construe it as investment, legal, or tax advice, and it is not intended to provide the basis for any evaluation of an investment in any fund. Prospective investors should consult with their own legal, investment, tax, accounting, and other advisors to determine the potential benefits, burdens, and risks associated with making an investment in any fund.
