Greyparrot raises £8.9m to sort through waste using AI
AI waste analytics platform Greyparrot has closed an $11m (£8.9m) Series A funding round led by Una Terra.
Greyparrot uses computer vision technology to analyse and sort waste into the right categories at waste facilities. It also provides waste analytics that can be used by waste managers, producers and regulators. Its technology is used by the likes of Suez, Veolia and Biffa.
Greyparrot will use the investment to tweak its technology to sort through new waste types, expand globally, make new hires and for research and development.
“Waste has been recognised as the fourth biggest contributor to climate change, yet the data surrounding it has been sparse at best,” said Mikela Druckman, co-founder and CEO, Greyparrot.
London-headquartered Greyparrot was co-founded by Mikela Druckman, Ambarish Mitra and Nikola Sivacki in 2019.
Greyparrot’s technology is currently being trialled at Biffa’s Plastics Recovery Facility in Wigan.
“We are putting a monetary value on waste – something that is perceived to have a negative value. Providing access to granular waste data can also have a big impact at a macro level, helping to shape government policies around recycling and influencing the decisions producers make about their packaging,” added Druckman.
According to Greyparrot, there are 2.1 billion tonnes of waste produced every year, while the waste management industry is worth $1.6tn.
To date, Greyparrot says its technology has analysed over 10 billion packaging items.
Una Terra is a venture capital firm that focuses on sustainable technology and has a €200m Series A+ fund that invests in European ESG startups.
Grayparrot named after African bird
“Greyparrot is on its way to transform the $1.6tn waste management industry and significantly influence the $1tn packaging industry, enabling a feedback loop to FMCG players and providing EPR-relevant data,” said Luca Zerbini, partner, Una Terra.
The company told UKTN that is chose the name Grayparrot because it “wanted to have a reference to nature in our company name to represent our purpose”.
A company spokesperson added: “Greyparrot takes its name from the African bird: as one of the most intelligent birds, grey parrots can recognise and imitate human behaviours, actions and sounds – our AI technology operates in much the same way.”
Additional capital was invested by Closed Loop Partners, Unreasonable Group and SpeedInvest.
Grayparrot’s Series A follows on from its £1.8m seed funding, led by Speedinvest, in May 2020.
The latest round brings Grayparrot’s total funding to date to $16.5m (£13.1m).