Recycleye raises £3.5m in a seed round led by Promus Ventures to scale its waste sorting technology.
The seed round was led by Promus Ventures with participation from existing investors including Playfair Capital and MMC Ventures.
Recycleye provides artificial intelligence and robotics solutions to automate and improve the sorting of dry mixed recycling in waste management facilities.
London-based technology firm Recycleye has secured £3.5m in a seed funding round led by Promus Ventures through its Orbital Ventures space fund. Existing backers Playfair Capital, MMC Ventures, Atypical Ventures, and Creator Fund also participated in the raise, bringing the company's total funding to £4.7m since its inception.
The capital will be deployed to scale the company's machine learning and robotics technology, expand the team, and grow its footprint across European markets. Recycleye currently provides its computer vision and automated sorting systems to waste management operators in the UK, France, and Italy.
From the founder
"Waste is not recycled when the cost of recycling exceeds the value of the sorted material. By lowering the cost of recycling with artificial intelligence and robotics, we’re breaking this threshold and building a world where our removal chains are fully integrated back into our supply chains"
Victor Dewulf
CEO at Recycleye
Investor perspective
"We are excited to back the team at Recycleye and their ambition to automate and digitalize operations in the waste management industry. We were impressed with the team’s vision and execution to date, and we firmly believe their waste-sorting AI platform will transform recycling facilities, making them more efficient and optimal."
Mike Collett
Managing Partner, Promus Ventures
Use of funds
- 01Grow the team
- 02Continue product development
- 03Expand into international markets
