Andromeda, a venture capital fund specializing in sustainability Iberdrola, Seaya and Nortia Capital, the investment arm of entrepreneur Manuel Lao (Cirsa) -endowed with 300 million euros and launched together with ICO-, has entered as minority partner at UK Recycleeyewhose technology is destined to revolutionize waste management worldwide.

The capital increase, valued at 17 million dollars (15.5 million euros), was led by DCVC, one of the leading global investors in sustainabilityand underwritten by former partner firms: Promus Ventures, Playfair Capital, MMC Ventures, Creator Fund, and Atypical.

Recycleeye technology combines machine vision and robotics to sort waste more accurate. This startup uses robots powered by Artificial Intelligence (AI) to sort materials more efficiently and reduce costs. Its innovative technology also provides critical data for decision making in materials recovery plants.

Recycleye was founded in 2019 by CEOs Victor Dewulf and Peter Hedley, and the technology has a presence in the UK, Ireland, Scotland, Germany, Australia, the US and France, with some robot orders in Italy, Belgium and other parts of Europe. In 2021, the group closed $5 million in Series A and raised an additional $2.6 million from UK and European innovation funding.

Second international investment

For Andromeda, the British firm’s entry was his second investment outside Spain and his fourth Startup Capital specifically in sustainability with which Seaya, the manager was led by Beatriz Gonzálezmade its first close in 200 million euros last October.

In the Andromeda portfolio today is an American company pacham, based in San Francisco and with a mission to stop climate change, and two Spanish companies that also have ESG (environment, sustainability and governance) attributes. last Summer, Seabery incoming fundsThat stub National Augmented Reality Program with KIAand landed on Barcelona construction company 011hpromoted by the founders of Privalia and focused on carbon neutral buildings.

Pablo Pedrejón, partner at Seaya Andromeda, explains that “at Seaya Andromeda we support companies tackling climate change. Recycleye’s mission to provide financial and environmental benefits for global waste management is aligned with our values, to enhance our operations and impact by turning the world’s waste into a valuable resource.”