AI waste management and recognition software solution provider Greyparrot today announced they’ve successfully raised £1.825m ($2.2m) in a seed funding round with the funding round being led by Speedinvest Industry with early-stage B2B venture capital firm Force Over Mass also participating in the funding round.
The AI waste management company said the raised capital “will be used to further develop and scale Greyparrot’s solution across global markets” and provide additional resources to become a driving force for the recovery of waste materials using cutting-edge technology.
Greyparrot’s Co-founder and CEO, Mikela Druckman said: “One of the key problems we are solving is the lack of data. We see increasing demand from consumers, brands, governments and waste managers for better insights to transition to a more circular economy. There is an urgent opportunity to optimise waste management with further digitisation and automation using deep learning,”.
The London-based AI waste management and recognition software provider launched in 2019 at a time where waste management was arguably on the cusp of its biggest transformation and founders Mikela Druckman, Ambarish Mitra, Nikola Sivacki, and Marco Paladini “set out to solve a business challenge that creates positive social impact”.
The company has been growing and now has eight team members including the founders along with 12 partners comprised of industry bodies and universities.
Greyparrot automates the measurement of waste streams using an end-to-end solution process that includes auditing, optimising, having a quality guarantee, and then mitigating risks and lowering hazards all while having real-time analysis through data dashboards.
Their AI waste management solution does this by using a machine learning model they’ve trained to recognise different types of waste including glass, paper, cardboard, cans, and plastics giving customers real-time analysis on 100% of waste flows allowing increased efficiency, lower risks, and reduced costs.
Their current system product, which is deployed on moving conveyor belts, can be retrofitted into existing environments which gives it a broad range of uses and flexibility from small local operations up to heavy-duty and higher waste frequency rates.
Greyparrot point out on their website that the current global recycling rate is at 14% and relies heavily on manual labour providing an urgent need and opportunity to optimise waste management with digitisation and automation.
The company said they are already looking at integrating their software into hardware so it can be used on different aspects of waste management and are already collaborating with next-gen systems such as smart bins and sorting robots.
Marie-Hélène Ametsreiter, Lead Partner at Speedinvest Industry gave reasoning for their investment by saying: “Waste is not only a massive market – it builds up to a global crisis. With an increase in both world population and per capita consumption, waste management is critical to sustaining our way of living. Greyparrot’s solution has proven to bring down recycling costs and help plants recover more waste. Ultimately it unlocks the value of waste and creates a measurable impact for the environment.”
This is the second funding round the AI waste management solution provider Greyparrot has been involved in with the previous seed funding round raising £980,000 ($1.2m) in 2019.
