Waste management startup secures £1.2m to develop ‘world-first’ automated facility
A waste management startup aiming to make waste a thing of the past has secured over a million pounds in funding to accelerate its expansion plans.
Recycleye has secured £1.2m seed funding to launch a new ‘world-first’ automated material recovery facility.
The round was led by venture capital investor MMC Ventures and Playfair Capital, with participation from Atypical Ventures, Creator Fund, and eolos GmbH.
The company has also received grants from InnovateUK and the European Union to develop a computer vision system and affordable robotics in a bid to create one of the world’s first fully automated and deployable material recovery facilities.
Recycleye founder Victor Dewulf explained: “Recycleye’s cutting-edge technology is a result of Recycleye’s cutting edge team.
“This new funding will allow us to fuel our relentless drive to spearhead the green revolution! If we are successful, your children will ask you what waste was.”
Investor Henrik Wetter Sanchez of Playfair Capital added: “As deep technology investors, we were impressed by Recycleye’s AI-led computer vision solution to this growing global problem.
“Yet it is what Victor and Peter have achieved, working fast and lean, in just a year since inception that gives us confidence that they can truly transform the recycling industry with their technology.”
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