Greyparrot has secured an additional $1.1M (£900k) with strategic investor 360 Capital

by | Jul 31, 2020 | In the news

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Greyparrot waste recognition

The additional funding takes the total seed round led by Speedinvest to $3.5M (£2.75m). The investment is part of 360 Capital’s new fund, A+360, focused on early stage startups operating in sectors which include circular economy, sharing economy and smart city. A+360 fund’s cornerstone investor is A2A, the leading Italian multiutility company which provides integrated waste collection and recovery.

Following an introduction by Plug and Play Italy’s Sustainability Programme, an alliance between Greyparrot, 360 Capital and A2A was formed to accelerate the deployment of Greyparrot’s AI-powered computer vision software in waste management. Commenting on the partnership, Patrick Oungre, A2A’s Head of Innovation said,

“A2A is at the forefront of the environmental services sector, putting the circular economy at the core of all our activities within our industrial strategy. The new bond with Greyparrot leads us towards innovation and helps us tackle one of the world’s current global issues – the waste crisis”. 

Cesare Maifredi, Partner at 360 Capital added, 

“Greyparrot and its outstanding team has the potential to become the market leader in computer vision for waste management. Its AI-powered software can materially help in increasing recycling and recovery rates by providing more insightful information and data to waste sorting operators. This contributes to the company’s mission of transforming waste into a useful resource and preserving the environment ” 

One of the key problems Greyparrot is tackling is the lack of data in the flow of waste. The alliance between the three companies signals an opportunity and urgent need to optimise waste management with further digitisation. A2A will be trialling Greyparrot’s Automated Waste Monitoring System, which will be deployed on moving conveyor belts in its sorting facilities. Guglielmo Carra, A2A’s Innovation Manager, commented: 

“We believe that the collaboration with Greyparrot can bring tangible benefits in the way we carry out our daily business by improving the efficiency and effectiveness of our waste separation processes”

Greyparrot’s solution will automatically identify different types of waste, providing composition information and analytics to help A2A increase operative efficiency and effectiveness. 

Mikela Druckman, Co-founder and CEO of Greyparrot added,

“This is a unique and strategic alliance between a startup, investor and corporate with a shared passion to create a better and more circular system. I’m grateful for the opportunity to build on our vision with the support of A2A and 360 Capital.

Having reached early product-market fit since its inception in 2019, Greyparrot will use the new round’s funds to develop their product and scale across global markets. The company’s goal is to become the most accurate and widely used waste recognition software to unlock the financial value of waste, which will, in turn, keep our planet clean for generations to come.

About A2A

The A2A Group is the largest Italian multi-utility, at the forefront of territorial services and technological solutions for ten years, with one hundred years of history and experience. A2A designs smart and sustainable cities, with respect for the people who live there. The Group is the protagonist of energy transition and implements the principle of the circular economy in all of its activities. With a far-reaching strategic plan, A2A manages the generation, sale and distribution of electricity and gas, district heating, waste collection and recovery, e-mobility, public lighting and the integrated water services.

About 360 Capital : Early Stage Investors Since 1997

360 Capital is a Venture Capital firm investing in innovative deep-tech & digital enterprises across Europe. The firm has a 20-year track record of supporting talented tech entrepreneurs in developing ambitious & disruptive companies in a variety of sectors. Led by a diverse and experienced team of professionals located in Paris and Milan, 360 Capital has €400M of assets under management and an active portfolio of over 50 companies.