Friday 3 February 2023

AI waste sorting robots raise additional $17m in funding

AI waste sorting robots raise additional $17m in funding

Artificial intelligence (AI)-driven waste robotics company Recycleye has attracted $17 million (£13.8m) in its latest financing round.

Recycleye uses AI-powered waste-picking robots to lower the cost of sorting materials - the technology combines computer vision and robotics to pick with more accuracy than a human.

Using AI models, the robot "sees" waste and is trained to pick an unlimited number of materials, including plastics, aluminium, paper and cardboard.

The technology aims to turn waste into resources and deliver useful data that can inform decisions in a Material Recovery Facility.

The new investment is expected to improve the uncommon accuracy of Recycleye’s sorting.

DCVC led the funding round, with existing investors increasing their stakes. Promus Ventures, Playfair Capital, MMC Ventures, Creator Fund and Atypical were joined by new Madrid-based investors Seaya Andromeda.

The series A follows $5 million (£4m) previously raised in 2021 and $2.6 million (£2.1m) secured to date in European and UK Government innovation funding.

Recycleye's Chief Technology Officer Peter Hedley, said: "We believe that waste does not exist, only materials in the wrong place.

"Our mission is to provide intelligent sorting technology that delivers dramatic financial and environmental returns to the global management of waste. This new investment will help us to further fine-tune our world-leading solutions, underpinned by the solid maintenance network our clients need to generate more output value."

Written by

Bruna Pinhoni

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