Recycleye’s new investment is the latest sign that the plastic industry’s notorious track record on recycling is starting to change. The company has raised $17 million in new funding led by “deep tech” investor DCVC, which suggests that investors are beginning to recognize the plastic recycling sector as a potentially lucrative investment opportunity.
The startup claims its recycling-picking robots can identify materials “at an unrivaled 60 frames per second” and sort them more accurately than humans can. Ultimately, the startup says its tech cuts the “cost of sorting materials.” Whether or not this claim is true remains to be seen, but if it is, it could prove to be a major advantage over traditional methods of sorting materials. The technology could also lead to savings for companies who need to recycle large quantities of material quickly and without overtime costs incurred by human laborers.
DCVC is looking to reduce the environmental impact of capitalism through climate tech. By understanding how plastic production works and how it affects our planet, we can begin to make substantive changes that will benefit everyone.
Plastic production negatively impacts the climate and natural environment through a number of processes, from the extraction and transport of fossil fuels that are used to make plastic, to refining and manufacturing, to waste management. Much of this plastic ends up in our environment where it takes up space and creates pollution. It’s important that we take steps to reduce our reliance on plastic. By recycling materials like plastics, we can help improve the climate while helping preserve nature.
Plastic pollution is not the only environmental problem that’s on the rise. Recycling alone may not be enough to clean up our environment. It’s estimated that someone needs to “create a separate and well-functioning market for recycled plastics” in order to help address this issue.
Making a conscious decision to recycle more plastic may not always be the cheapest option, but it can definitely have positive repercussions. For one, recycling can help reduce carbon levels in the atmosphere by reducing the amount of plastic that ends up in landfills. Additionally, it can create new jobs in the waste disposal industry as well as inspire others to take environmental responsibility.
Recycleye is one of many companies that are trying to solve the problem of wasted materials by using advanced AI. By focusing on speeding up scanning, identifying and sorting used materials, Recycleye is able to reduce the amount of waste that is created. This initiative not only helps to conserve resources, but also creates a business opportunity as there is a demand for recycled materials.
Recycleye is optimistic about its machine learning and scanning tech because it claims it can identify items on the conveyor belt twice as fast as the industry standard while also having a higher chance of being correctly identified before being picked.
With this additional investment, Recycleye is looking to rapidly scale its product offerings and continue developing its technology in order to better serve customers globally.
