AI startup Greyparrot completes funding round with $11 million
AI startup Greyparrot has raised $11 million in a Series A funding round, with the investment led by Una Terra. Other investors include Closed Loop Partners, Speedinvest, Unreasonable Collective, and Accelerating Growth Fund Ltd.
The funds will enable the startup – which uses computer vision technology to monitor, analyse, and sort waste – to grow its global footprint, expand to new waste types, and continue research and development.
Greyparrot’s customers include Suez, Biffa, and Veolia, with the company stating that its data collection allows informed decisions to be made by stakeholders across the value chain.
The startup was founded in 2019 by Mikela Druckman, Ambarish Mitra, and Nikola Sivaci. Across the next year, Greyparrot says, the company is expected to divert 30,000 tonnes of waste from landfill.
Mikela Druckman, co-founder and CEO of Greyparrot, said: “Waste has been recognised as the fourth biggest contributor to climate change, yet the data surrounding it has been sparse at best. This is a huge missed opportunity.
“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.”
Luca Zerbini, previously the VP of Sustainability at Amcor and now Partner at ESG focused VC fund Una Terra, said: "Greyparrot is on its way to transform the $1.6T waste management industry and significantly influence the $1T packaging industry, enabling a feedback loop to FMCG players and providing EPR-relevant data.
“From the first meeting, we knew we wanted to lead this round: Greyparrot has a stellar founding team with a wealth of industry experience across waste management, AI and Machine Learning, a technology solution that works with existing infrastructure, and industry-leading customer satisfaction rates which is the best predictor of significant growth ahead".
Ron Gonen, Founder & CEO of Closed Loop Partners, added: “Greyparrot’s AI-powered system has the potential to track billions of packages and materials in the recycling value chain which will lead to a number of major efficiencies.
“Their technology can integrate easily with existing recycling infrastructure, improving efficiency and material capture rates. Closed Loop Partners looks forward to working with their team as they grow their reach and impact around the world.”