1 The EIC Accelerator Project
EIC Accelerator Program Overview
The EIC Accelerator program, part of the European Innovation Council (EIC), aims to support innovative small and medium-sized enterprises (SMEs) and startups in developing and scaling groundbreaking technologies. It specifically targets companies operating in the DeepTech sector, focusing on areas such as advanced materials, biotechnology, robotics, and artificial intelligence. The program provides funding through a combination of grants and equity investment, designed to catalyze growth and facilitate market entry for high-risk, high-potential innovations.
Funding Structure
Under the EIC Accelerator, companies can secure a grant of up to €2.5 million. This grant is intended to support feasibility studies, prototyping, and other preparatory activities essential for bringing innovations to market. In addition to grants, the program offers equity funding to promising companies. The equity component has evolved over time, initially allowing for investments up to €15 million until 2024, and subsequently reducing to €10 million from 2025 onward. This dual funding mechanism is tailored to assist startups in overcoming financial barriers while maintaining a strategic focus on sustainable growth.
Purpose and Impact
The EIC Accelerator serves a vital role in the European DeepTech and startup ecosystem by bridging the funding gap that often hinders innovative companies. By providing substantial financial resources and expert mentorship, the program enables startups to scale their operations, attract private investment, and ultimately contribute to economic growth and job creation in Europe. The EIC Accelerator also fosters collaboration among entrepreneurs, researchers, and investors, creating an ecosystem conducive to innovation and development.
Role in Scaling Companies
Through its comprehensive support framework, the EIC Accelerator helps companies refine their business strategies, enhance product-market fit, and secure additional funding from private investors. This is crucial for startups that often face challenges in demonstrating their viability and attracting venture capital. The program's emphasis on mentoring and networking further empowers entrepreneurs to navigate the complexities of scaling their businesses effectively.
Case Study: Recycleye Ltd and the RESOURCE Project
Company Overview: Recycleye Ltd, based in the United Kingdom, is an innovative startup focused on revolutionizing waste management through advanced technology. The company's mission is to enhance recycling efficiency and reduce waste through intelligent solutions.
Project Acronym: RESOURCE The EIC Accelerator project undertaken by Recycleye is titled RESOURCE, which stands for "REcovery of target materialS frOm mUnicipal solid waste stReams using artifiCial intelligencE." This project aims to leverage artificial intelligence to improve the identification and recovery of recyclable materials from municipal solid waste streams.
Technology Background: The RESOURCE project is built upon sophisticated AI algorithms and computer vision technologies that facilitate the automatic sorting of waste materials. By employing machine learning techniques, the system can accurately identify various types of materials, including plastics, metals, and paper, within mixed waste. This technology not only enhances the efficiency of recycling processes but also significantly reduces contamination rates, which are a major challenge in conventional recycling systems.
The underlying technology involves training AI models on large datasets of waste images to recognize patterns and features specific to different materials. This data-driven approach allows for real-time analysis and sorting, enabling recycling facilities to process waste more effectively and increase the volume of materials recovered for reuse.
Impact and Future Prospects: The successful implementation of the RESOURCE project has the potential to transform waste management practices, leading to greater sustainability and reduced environmental impact. By improving recycling rates and minimizing landfill use, Recycleye aims to contribute to a circular economy, where materials are continuously reused and repurposed.
The backing from the EIC Accelerator not only provides the necessary funding for the development and deployment of this technology but also positions Recycleye as a leader in the burgeoning field of intelligent waste management solutions. As the company continues to innovate and scale, it exemplifies the transformative potential of the EIC Accelerator program in supporting the next generation of sustainable technologies.
2 The Funding Rounds
Recycleye Ltd: Financing, Funding Rounds, Investors, and Exit Events (Post-EIC Accelerator Win)
Recycleye Ltd, a United Kingdom-based AI-driven waste robotics company, has experienced significant investment activity since submitting its EIC Accelerator Step 2 proposal on October 6, 2021.
Financing Raised
Funding Rounds Overview
| Date | Round | Amount | Key Investors |
|---|---|---|---|
| Feb 2, 2023 | Series A | $17M | DCVC (lead), Seaya Andromeda (new), Promus Ventures, Playfair Capital, MMC Ventures, Creator Fund, Atypical Ventures |
| Sep 22–21, 2021 | Seed VC – II | ~$5M | Promus Ventures (lead), Playfair Capital, MMC Ventures, Creator Fund |
| Dec 15–14, 2020 | Seed VC / Incubator/Accelerator III & IV | Not disclosed | Not specified |
| Prior to Feb '23 | Government Innovation Grants | $2.6M | European & UK government innovation agencies |
<em class="publication">Exact dates and amounts for some seed/incubator rounds are not consistently reported in public sources but the aggregate figure matches other disclosures.
Notable Details:
- The Series A round ($17 million) was pivotal for scaling operations globally.
- The $5 million seed round in late 2021 helped accelerate product development post-EIC win.
- Recycleye also benefited from at least $2.6 million in government innovation grants before or around their EIC application period.
Investors
Key institutional investors by round include:
- DCVC: Lead investor for Series A; deep-tech focus.
- Seaya Andromeda: Joined during Series A; Madrid-based sustainability fund.
- Promus Ventures: Participated in both seed and later rounds.
- Playfair Capital
- MMC Ventures
- Atypical Ventures
- Creator Fund
All existing major investors increased their stakes in subsequent rounds leading up to Series A.
Company Valuations
Publicly available data does not disclose specific valuation figures for individual funding rounds. However:
"Recycleye's valuation [was] submitted by companies...or based on a comparables valuation model" as referenced by CB Insights—but no explicit numbers are published as of April 2025.
This is typical for private UK tech startups at this stage.
Exit Events: IPOs or Acquisitions
As of the current date (April 23rd, 2025):
Shares can be traded privately via secondary markets such as EquityZen—mainly among accredited investors—but this does not constitute a formal exit event like an IPO or buyout.
Summary Table: Major Funding Rounds since October 6th, 2021
| Date | Round | Amount Raised |
|---|---|---|
| Feb '23 | Series A | $17 million |
| Late '21 | Seed | ~$5 million |
| Pre-'21/'22+ various | $2.6m+ Gov't grants |
No exit events have occurred as of April ’25.
Sources
- Recycleye raises $17m in Series A
- Dealroom – Company profile
- Webcapitalriesgo – Recycleye raises $17m
- Recycling Today – Recycleye raises $17M
- CB Insights – Financials & Valuation
3 The Press Releases
Recycleye Ltd, a UK-based company, has made significant strides since receiving the EIC Accelerator funding in October 2021 by advancing its AI-driven waste sorting technology and expanding its partnerships, deployments, and investments.Technology Advancements and Applications
- Recycleye's core innovation lies in its AI-powered computer vision system that identifies and sorts waste materials with high precision. This technology improves recycling rates by automating manual sorting processes, increasing sorting accuracy by up to 12%, speeding up throughput, and reducing contamination in recycling streams.
- The company collaborates with FANUC UK to integrate their AI vision software with FANUC’s 6-axis LR Mate robots. This partnership has led to exclusive rights for Recycleye Robotics in the UK market and international recognition at the FANUC Global Partner Awards (November 2023), highlighting their joint innovations in robotic waste picking.
- Recycleye is also advancing specialized AI capabilities such as distinguishing between food-grade and non-food-grade plastics. Collaborations with Valorplast and TotalEnergies aim to increase circular recycling of plastics used for food packaging through these enhanced identification systems.
- The company develops robot installations equipped with this technology to automate quality control lines at Materials Recovery Facilities (MRFs). For example, Panda Ireland successfully operates four Recycleye robots on mixed paper lines one year after installation due to demonstrated efficiency gains.
Partnerships
- A strategic partnership was formed between Recycleye and MSS Inc., a leading US optical sorting equipment manufacturer. This collaboration merges Recycleye’s AI vision system with MSS’s trusted air ejection solutions under a new product family called MSS Vivid (Visually Verified Identification) AI aimed at the North American market. Both companies share a vision of creating sustainable waste management solutions through innovative technology integration.
- In Spain, Urbaser invested in an automated sorting robot powered by Recycleye’s computer vision tech slated for deployment in Algimia during H1 2024—marking their first major presence within Spain's circular economy sector events like SRR Madrid 2024.
Business Growth & Funding
- In February 2023, Recycleye raised an additional $17 million (£14 million) investment round focused on scaling operations globally while refining their solutions’ technical capabilities alongside robust client maintenance support structures. Their technologies are now installed across multiple countries including England, Ireland, Scotland, Germany, Australia, US France as well as planned expansions into Italy and Belgium.
- Bryson Recycling—the UK's largest social enterprise recycler—purchased four additional robots from Recycleye following positive results from an initial deployment at Mallusk facility starting around late 2021/early 2022. This marked the first robot re-purchase deal within UK/Ireland markets reflecting confidence in ROI from automation investments.
Team Updates & Recognition
Recycleye continues gaining industry recognition through awards such as FANUC Global Partner Awards (Japan November 2023), which affirm both technological excellence and effective commercial collaboration.
The leadership team includes co-founders Victor Dewulf (CEO) who initiated development during Imperial College studies alongside CTO Peter Hedley; they remain active spokespeople presenting insights into robotics application at industry events like RWM Shows where they have demonstrated growing customer interest over recent years.
Summary
Since securing EIC Accelerator funding after October 6th, 2021:
- Developed advanced AI robotic systems that boost accuracy & efficiency of waste sorting.
- Formed key partnerships: FANUC (robotics integration), MSS Inc. (North America expansion), Urbaser (Spanish market).
- Expanded global footprint across Europe/North America/Australia.
- Secured substantial new investment (£14m) fueling growth.
- Received prestigious industry awards recognizing innovation impact.
Recycleye is positioned as a leader transforming manual recycling processes worldwide using cutting-edge artificial intelligence combined with robotics.
Sources
Recycleye News - FANUC award & Robot Deal
Recycleye News & Events - Spain Urbaser Partnership
NVIDIA Blog Features on Recycling Innovation
More News about Investments & Deployments
NVIDIA Blog on Waste Sorting System
MSS Optical Announces Partnership With Reycley
YouTube Overview of Robot Sorting Technology
Imperial College Article on Investment Raised
The Manufacturer Article detailing Fanuc-Reycley Collaboration
4 The Technology Advancements
Recycleye Ltd, a UK-based company specializing in AI-powered robotic waste sorting technology, has made significant advancements and demonstrated notable market traction since receiving the EIC Accelerator funding on October 6, 2021.Current Capabilities
Recycleye provides advanced AI-driven robots that automate the sorting of dry mixed recycling materials. Their system is capable of scanning and identifying objects at an unrivaled speed of 60 frames per second—twice the industry standard—which allows for each item to be seen approximately 30 times as it passes along conveyor belts. This high-speed identification results in highly accurate sorting performance. The robots can operate continuously (24/7) and pick up to 33,000 items per robot over a typical 10-hour shift while simultaneously collecting compositional data to inform facility management decisions.
Technological Advancements Since EIC Funding
Since their receipt of EIC Accelerator funding in late 2021:
- Recycleye has enhanced its gripping technology through Project GRIP-R, funded by UK Research and Innovation’s Smart Sustainable Plastic Packaging challenge. This project focuses on improving the ability of their robotic systems to handle contamination caused by films and flexible plastic packaging—a challenging material type for recycling facilities.
- They have formed strategic partnerships such as with MSS Inc., a leading US optical sorting equipment manufacturer, integrating Recycleye’s AI technology with MSS’s proven optical sorting solutions. This collaboration led to the launch of "MSS Vivid (Visually Verified Identification) AI," combining powerful AI vision capabilities with robust air ejection systems for higher volume waste sorting at scale.
- In early 2023, Recycleye raised $17 million in Series A funding aimed at further improving their already high accuracy and efficiency in material recognition and picking robotics.
Market Demonstrations
Recycleye's robots have been actively deployed:
- At Residual Material Facilities (MRFs), including operations like FCC re3 in Reading, England — where they deliver consistent purity in sorted materials plus reliable compositional data critical for operational efficiency.
- Their flagship robot drew significant attention at RWM (Resource Waste Management) Expo 2023 as one of the UK's best-selling robotic solutions showcased publicly; additional units are set up on residual lines targeting recyclable materials diversion efforts.
Intellectual Property & Recognition
- The founders Victor Dewulf (CEO) and Peter Hedley (CTO) were jointly awarded first place in the European Patent Office's inaugural Young Inventors Prize for their development of Recycleye Robotics and Vision technologies that significantly improve recycling outcomes by automating accurate waste separation processes.
- There is no public information specifically indicating new patents filed directly under Recycleye Ltd post-EIC funding; however, recognition by major IP authorities underscores ongoing innovation efforts.
No published scientific studies or whitepapers authored specifically by Recycleye were identified within available sources since October 2021.
In summary, since receiving European Innovation Council backing in late 2021, Recycleye Ltd has demonstrably advanced its core robotic AI technology—especially enhancing its ability to manage complex plastic waste streams—and successfully brought these innovations into commercial operation through partnerships and deployments across Europe and North America. They continue expanding market presence while gaining prestigious industry awards validating their technological impact.
Sources
- Recycleye RWM 2023 In Review
- Recycleye & MSS North America Partnership
- Seaya VC: Recycleye Raises $17M Series A
- UKRI SSPP Challenge Funding Announcement
- EPO Young Inventors Prize Awarded to Founders
5 The Partnerships and Customers
Recycleye Ltd: Partnerships, Customers, and Market Positioning
Recycleye Ltd, a UK-based AI-driven waste robotics company, has been actively expanding its partnerships and customer base since receiving the EIC Accelerator funding in October 2021. This strategic growth has positioned Recycleye as a leader in waste sorting technology, leveraging AI to enhance recycling efficiency and reduce costs for waste management companies.
Partnerships
- MSS, Inc. Partnership: Recycleye has partnered with MSS, Inc., a leading US optical sorting equipment manufacturer. This collaboration combines Recycleye's AI technology with MSS's optical sorting solutions, creating the MSS Vivid (Visually Verified Identification) AI system. This partnership aims to revolutionize waste sorting in North America by providing high-volume material sorting capabilities.
- Iren Group Partnership: Recycleye has also partnered with the Iren Group to install six AI systems for material compositional analysis at the Collegno Material Recovery Facility (MRF) managed by Amiat. This partnership enhances Recycleye's presence in Europe and expands its AI-driven waste analysis capabilities.
- VALTRIS Partnership: In collaboration with VALTRIS, Recycleye successfully implemented a robotic sorting project at a DMR sorting center in Belgium. This marks VALTRIS' first investment in robotic sorting, showcasing Recycleye's technology in improving recyclable material sorting efficiency.
- Messinaservizi Partnership: Recycleye has collaborated with Messinaservizi to deploy an AI-powered waste sorting robot in Sicily, Italy. This marks the first such deployment in the region, further expanding Recycleye's European footprint.
Customers
- Bryson Recycling: Bryson Recycling has invested in additional Recycleye robots for their Mallusk MRF. Initially, they successfully integrated a Recycleye robot for quality control on their fibre line in September 2021. The new robots will focus on reducing contamination by picking non-paper items and increasing recyclable material recovery.
- FCC for re3: FCC, operating the re3 facility in Reading, England, has praised Recycleye's technology for delivering consistent purity in sorted materials and reliable data.
New Relationships and Market Positioning
These partnerships and customer acquisitions position Recycleye as a leader in AI-driven waste sorting, enhancing its market presence globally. The collaborations with MSS, Inc. and the Iren Group underscore Recycleye's commitment to scaling its technology and expanding its reach across different markets.
Technology Advancements and Scaling
The recent $17 million Series A funding, led by DCVC and Seaya Andromeda, will further support Recycleye's technological advancements and business scaling efforts. This investment will help refine Recycleye's AI solutions, which are renowned for their speed and accuracy in material sorting, enabling waste management companies to respond effectively to labour shortages and increased costs while meeting the demand for high-quality recyclates.
Conclusion
Recycleye's strategic partnerships and customer relationships not only bolster its market position but also facilitate technological innovation. By integrating AI technology with established sorting solutions and expanding its customer base, Recycleye is poised to play a critical role in transforming the global waste management industry.
Sources: - Recycleye and MSS announce partnership to revolutionise waste
- Recycleye's UK bestseller robot draws crowds at RWM 2023
- Recycleye and MSS announce ground-breaking partnership
- Iren and Recycleye: a new partnership to install waste compositional AI analysis systems
- Recycleye raises $17M in Series A to reinvent recycling
- News - Recycleye
- Recycleye raises new investment and the next generation of innovators
- Recycleye raises $17m in Series A to reinvent recycling
6 The Hiring and Company Growth
Recycleye Ltd: Team Growth and Development
Recycleye Ltd, a UK-based company, received EIC Accelerator funding in October 2021, marking a significant milestone in its journey. Since then, the company has experienced notable team growth and strategic developments.
Current Headcount and Team Size
As of the latest available data, Recycleye has a team size of 37 employees. In September 2021, the company announced that its headcount had grown to 21 after adding five new members.Hiring and Team Growth
Recycleye has been actively expanding its team. In the past, the company welcomed five new members, including Josh, Nicholas, Milly, Will, and Paloma, who joined various departments such as software, machine learning, hardware, and business development. This growth indicates a strategic focus on enhancing technological capabilities and business partnerships.Key Positions and Recent Hires
Key recent hires include: - Josh: Joined the software team to advance technology in waste management.- Nicholas: Added to the machine learning engineering team to optimize computer vision systems.
- Milly: Also joined the machine learning team, doubling its size.
- Will: Supports the hardware team in developing Recycleye Vision systems.
- Paloma: Initiated the business development team, focusing on partnerships and automation solutions for waste management companies.
Impact on Company Growth
These new team members play a vital role in Recycleye's commercial and technical growth, enabling the company to scale its operations effectively. They contribute to enhancing AI-powered sorting equipment and analytics, which are crucial for improving waste management efficiency and accuracy. Through partnerships and technological advancements, Recycleye aims to increase its market presence and influence in the waste management sector.Major Changes in Management
There is no specific information available regarding major changes in the management or founding team of Recycleye since receiving the EIC Accelerator funding. However, the growth in team size indicates a focus on expanding capabilities across various departments.Current Hiring Status
While there is no explicit information on whether Recycleye is currently hiring, the company's recent growth and strategic focus suggest an ongoing interest in expanding its team to support its technological and business development goals.Growth and Scaling
Recycleye's growth since receiving EIC Accelerator funding is marked by strategic team expansion and partnerships. For instance, Recycleye has partnered with the Iren Group to install AI systems for material compositional analysis, further demonstrating its commitment to scaling and innovating in the waste management industry. Additionally, Recycleye's estimated turnover as of September 2023 was £3.5 million, with net assets of £13.1 million, indicating significant financial growth.Sources:
- Recycleye Team Grows by 5
- Recycleye - Brand Profile
- Recycleye Ltd - Company Profile
- Recycleye: Home
- Iren and Recycleye: a new partnership
7 The Media Features and Publications
Recycleye Ltd, a UK-based company and winner of the EIC Accelerator funding in October 2021, has gained notable media attention, participated in conferences and fairs, engaged in podcasts and interviews, and been involved in various industry events since receiving the funding.Media Features and Publications
- Recycling International Interview (June 2021): Recycleye's CEO Victor Dewulf was interviewed by Recycling International. He discussed the founding story of Recycleye, its AI-driven technology for waste sorting, future milestones including robotic deployments across Europe, remote installation capabilities to capture European markets, and plans for investment rounds.
- StateUp 21 Report (2021): The advisory firm StateUp featured Recycleye as ‘Ones to Watch’ in their annual GovTech report. The report highlighted Recycleye’s integration of vision systems with low-cost automated sorting supported by a £0.5 million Innovate UK grant aimed at helping meet the UK’s recycling targets by 2035.
- LetsRecycle Special Report (December 2024): LetsRecycle.com reported on Recycleye's AI insights from their operational systems across European Material Recovery Facilities (MRFs). Highlights included data on brand-specific recycling trends such as Coca Cola cans being most frequently detected by their AI-powered QualiBot units. The report also noted improvements in pick rates from 45 to 62 picks per minute with some MRFs reaching up to 92 picks per minute.
Podcasts and Interviews
- Earth911 Podcast: Victor Dewulf appeared on an Earth911 Innovator Interview where he explained how Recycleye Robotics automates waste sorting using AI vision technology. He highlighted enhanced granularity achieved through distinguishing food vs non-food plastics that improve recyclables' market value.
- Zero50 Podcast: In a conversation with Bruce Bratley (CEO of First Mile), Victor detailed how Recycleye’s Vision and Robotics solutions revolutionize waste picking efficiency while increasing recycling value aligned with climate crisis solutions for zero-carbon goals.
Conferences, Fairs & Presentations
- Participated at major sector events such as:
- SRR Madrid (June 2024): The Spanish Federation of Recovery and Recycling event focused on circular economy themes where Recycleye presented its innovations.
- MRF & Markets Conference UK (November 2022): Engaged industry experts discussing policy updates and case studies relevant to automated sorting technologies.
- RWM Digital Spotlight Presentation (October 2022): Zoe Cook from Recycleye spoke about lessons learned applying AI successfully within waste sorting operations.
- IFAT Trade Fair Germany: Showcased AI-powered robotics driving transparency and automation within German waste management sectors.
- Keynote speaker Seb Millar delivered “Trash to cash – turning the world’s waste into resource” at the UKIVA Machine Vision Conference.
- Benedetta Delfino hosted an Nvidia GTC Sustainability panel focusing on achieving sustainable development goals leveraging AI technologies.
Event Involvement
Recycleye maintains active involvement in events promoting innovation around circular economy practices:
- Regular appearances at leading recycling conferences facilitate networking with stakeholders advancing digital transformation.
- Hosting panels discussing sustainability impacts powered by artificial intelligence highlights leadership beyond mere technology provision.
Overall, since winning EIC Accelerator funding late in 2021, Recycleye Ltd has established itself prominently through strategic media exposure via interviews/publications; thought leadership demonstrated at key industry conferences; impactful podcast dialogues sharing visions for circular waste economies; plus active event participation reinforcing its role as a pioneering innovator automating global recycling processes using advanced AI robotics.
Sources
- News & Events – recycleye.com
- News – recycleye.com
- Recycling International interview – recycleye.com
- StateUp21 Report feature – recycleye.com
- Earth911 Podcast interview – recycleye.com
- Conferences archive – recycleyesite
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