AI waste intelligence firm Greyparrot has raised $27 million in Series B funding to help expand the company’s Analyzer network and scale the company’s dataset and platform.
Greyparrot’s AI camera systems sit above sorting belts in recycling facilities and analyze discarded objects. The generated data identifies the material, product and brand in real time, to help improve recovery rates and increase profit. The Analyzer system is used in more than 20 countries by such companies as WM, Circular Services, Veolia, Biffa and FCC.
Regulation, including emerging extended producer responsibility (EPR) programs for packaging, is accelerating demand globally for data-led insights, amid compliance reporting to measure progress and provide accountability.
Facilities using Greyparrot’s verified data are seeing 10% to 30% gains in efficiency, the company said, and at one site those improvements resulted in more than $2 million in savings over the course of a year.
The data also can help inform policy as it’s being written, the company said. In addition, consumer brands including Unilever, L’Oreal and Kenvue use Greyparrot’s Deepnest platform to help inform design for recycling and compliance with new packaging EPR programs globally.
“Waste is one of the planet’s largest untapped resources, and data is the infrastructure that unlocks it,” said Mikela Druckman, co-founder and CEO of Greyparrot. “This funding lets us scale rapidly across North America and Europe and grow our AI, data science and product teams. The technology, the demand and the momentum are all here, and for the first time the world can see what it has been throwing away.”
Ambarish Mitra, co-founder of Greyparrot, added, “Once you can measure a material, you can trade it and invest in it. That is when the circular economy stops being an ambition and becomes infrastructure.”
The latest round brings total funding to $60 million, the company said.
