Greyparrot Raises Funding Against the Tide to Grow Their Recycling Technology
Startups around the world trying to raise money have been finding things to be difficult in the last few months. The massive drop in venture capital funding, due to the coronavirus pandemic is threatening a whole generation of entrepreneurs. Studies show that funding for startups in the UK has fallen by over 83% between March and May. Therefore, a large number of early-stage companies have been negatively affected. However, amidst such glim news, one UK-based company seems to be going against the tide. AI-based startup Greyparrot was able to raise £1.825m in seed funding round recently. Here’s a look at what that means for the company and its future.
Funding Woes
Greyparrot aims to revolutionise recycling by utilising waste recognition software. Their most recent round of funding was led by Speedinvest, and the extra cash will fuel Greyparrot’s expansion. Speedinvest is a prominent early-stage tech investor, and the seed round also saw the participation of Force Over Mass. Their AI technology will help bring a lot more transparency and automation into the world of recycling. The company, based in the UK, has been growing from strength to strength in recent years, working in tandem with waste management companies across Europe and Asia. Their ultimate aim is to help digitise waste flow systems to ensure maximum efficiency. There has been a growing demand for such technology due to inefficiencies in the current system of recycling, increasing environmental regulation, and pressures from consumers.
Digitising Recycling
The company raised £1.825m and will use this money to tackle the growing waste crisis. They plan on automating the process of waste management and recycling. The additional funding will help develop, scale, and optimise Greyparrot’s technology, helping them revolutionise the work of recycling through the use of artificial intelligence. Greyparrot’s software helps monitor and sort waste at large scales. Their initial product, an Automated Waste Monitoring System, is now helping recycling stations go through large amounts of scrap. The technology is deployed on conveyor belts helps measure large waste flows and automatically identify various types of waste. The system provides composition information and other analytics to increase recycling rates.
Need for Efficient Waste Management
Studies show that over 60% of the 2 billion tonnes of solid waste produced does not get recycled. Instead, it ends up in large dumps, landfills, and open spaces, causing environmental impact. As companies chase economic viability rather than economic prosperity, globally, the recycling rate is as low as 14%. Such a flat rate is mostly due to inefficient handling, high labour costs, and stringent quality requirements of recycled substances.
Greyparrot, which launched in 2019, has helped transform the waste management industry. In the UK, the year they were formed saw regulations such as the banning of waste exports to China come into play. This, coupled with the introduction of strict recycling goals and objectives, led to the transformation within the industry. Such laws brought forth an urgent need to recycle efficiently and locally. Furthermore, BBC’s TV series named ‘Blue Planet’ gave consumers concerns regarding climate change, which led to producers aiming for zero-waste-to-landfill goals. This made the environment conducive for a company like Greyparrot, which focuses on improving existing waste and recycling systems.
The company helps solve issues related to the lack of data by providing better insights that aid in transitioning to a more circular economy. The company has partnered with ACI, one of the world’s largest firms working in the recycling space. Greyparrot provides intelligent software that is highly-customisable and easily integrable with hardware available across the globe. Greyparrot will use the new funds to develop its product and scale globally to become the world’s most accurate waste management software.
Being a cinephile with a love for all things outdoorsy, Athulya never misses a chance to chase inspiring stories or poke fun at things, even when the subject is herself. Currently pursuing a degree in mechanical engineering, she is someone innately interested in technical and scientific research. Music reviews and op-eds define her as they allow her to explore different perspectives. Though sometimes she thinks she makes more sense playing the guitar than she does while writing.