London-based engineering startup Recycleye has secured a Series A funding round worth £14m as it develops its AI waste sorting robots.
Founded in 2019, Recycleye deploys its automated tech to sort through waste to transform it into usable resources. The company claims its computer vision-powered robots can pick with more accuracy and consistency than humans.
The startup works with waste management companies and deals with rubbish generate by both households and businesses. The company can also install its software into existing sorting systems.
Recycleye estimates it picks up 33,000 items per robot in a single 10-hour shift. Furthermore, with each shift, the automated workers collects real-time analytics to improve efficiency.
“We believe that waste does not exist, only materials in the wrong place,” said Recycleye co-founder and CTO, Peter Hedley.
“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.”
Deep tech investment firm DCVC, based in San Francisco led the funding round.
Kelly Chen, a partner at DCVC said: “Recycleye is a quintessential DCVC investment, using deep tech to fundamentally shift the economics and scale of the trillion-dollar problem of material recovery and recycling.”
It previously raised £3.5m in a seed funding round in September 2021 led by Promus Ventures.
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