UK – Recycleye, a provider of the most adapted and robust AI-driven solution for sorting dry mixed recycling, has raised US$17 million in a Series A financing round to enhance its AI-driven waste-picking robotics solution.
The funding round was led by deep-tech venture capital firm DCVC and with the participation of Seaya Andromeda.
The round also attracted existing investors Promus Ventures, Playfair Capital, MMC Ventures, Creator Fund and Atypical, who increased their stakes in the firm.
The Series A funding follows US$5 million that had previously been raised in 2021 and US$2.6 million that was raised to date in European and U.K. government innovation funding.
Recycleye says that it will use the new investment to further improve the uncommon accuracy of its sorting.
The firm uses AI-powered waste-picking robots to lower the cost of sorting materials. This ground-breaking technology is turning the world’s waste into a resource and delivering data essential for dynamic decision-making in a Material Recovery Facility (MRF).
Recycleye’s technology combines computer vision and robotics to pick with more consistent accuracy than a human.
Using proprietary AI models, the robot “sees” waste and is trained to pick an unlimited number of material classes such as plastics, aluminum, paper, and cardboard.
Recycleye Robotics is the most accurate and efficient AI robotic picking solution globally available today.
Objects are scanned and identified at an unrivaled 60 frames per second. This is twice as fast as the industry standard and means that each item is seen on average 30 times as it passes along the conveyor belt, with double the chance of being accurately identified before picking.
The company is working with a growing number of waste management companies facing the two-fold challenge of labor shortages and increased costs while responding to the growing demand for quality recyclates.
Rory Brien, general manager of FCC for re3, said: “At FCC, we believe in being forward-thinking, so investing in the latest waste sorting technology was an obvious choice.
“Recycleye Robotics is delivering the consistent purity in sorted material and reliable data that we need to run an effective facility.”
Founded in 2019, Recycleye has its technology installed in facilities in England, Ireland, Scotland, Germany, Australia, the U.S. and France, with multiple robot orders confirmed in Italy and Belgium.
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