Olyns secures US$4M in Series A funding round to scale AI-powered recycling tech

USA – Olyns, a recycling technology firm, has closed US$4 million in a Series A funding round to accelerate AI-powered recycling tech.

Led by Vanedge Capital, the funding aims to facilitate AI innovations in Olyns solutions, which include Olyns Cubes, automated recycling stations that double as media and advertising hubs.

The Cubes use AI to identify recycled items and can provide data and insights on recycling patterns and consumer habits, including brand-related metrics.

The company says its advertising-driven business model delivers value to site hosts, brands and people, with retail partners gaining foot traffic, a share of revenue from ad sales and a turnkey recycling solution.

Brand advertisers reach consumers in-store and enhance their sustainability credentials, and customers gain access to convenient recycling, bottle deposit redemptions (in “bottle bill” states) and valuable rewards.

Philip Stanger, Olyns co-founder and CEO said: “Olyns set out to address the challenges surrounding plastic waste by rethinking the consumer recycling ecosystem.

“Momentum is growing, and this funding will help us expand and grow our network, which is proven to be both profitable and scalable.

“The investment will accelerate the development of our technology and build out our network of Cubes, bringing us closer to changing the perception of recycling and improving recycling rates in the United States and around the globe.”

Stanger adds that more than 140 million tonnes of plastic from packaging become waste every year, accounting for over 45 percent of all plastic waste generated in the world.

“Consumer goods companies have been searching for ways to reduce their impact and build a sustainable, circular model for their products. Olyns will help make that a reality,” he says.

Olyns currently partners with The Coca-Cola Co., PepsiCo and Mars Wrigley, and is expanding its network of recycling Cubes in California, Georgia and other U.S. states.

“Innovating the consumer approach to plastic waste is an essential step in the shift to a circular economy,” noted Paul Lee, Vanedge Capital Managing Partner.

“The Olyns platform is a proven, effective and profitable model that shifts the consumer recycling paradigm. We are excited to support their talented founding team, who came out of Apple, on their mission to build a business that can make a meaningful difference and impact.”

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