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Olyns, a recycling technology firm, has announced results from its $4 million Series A funding round, according to a press release.
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. Olyns partners include The Coca-Cola Company, PepsiCo and Mars Wrigley
“Olyns set out to address the challenges surrounding plastic waste by rethinking the consumer recycling ecosystem,” Philip Stanger, co-founder and CEO of Olyns, said in the release. “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.”
“Innovating the consumer approach to plastic waste is an essential step in the shift to a circular economy,” Paul Lee, managing partner at Vanedge Capital, said in the release. “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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