Olyns, a recycling technology company based in San Jose, California, has announced its $4 million Series A financing led by Vanedge Capital. This funding will accelerate the development of Olyns’ AI-powered technology and expand its dual media and recycling network.
Olyns is an innovator at the intersection of retail media and recycling. Its Cubes bins use sophisticated artificial intelligence techniques and algorithms that can identify any bin while also doubling as retail media displays. The bins provide data-driven insights into consumer recycling behavior and brand-specific recycling rates.
The advertising-driven business model delivers value to site hosts, brands, and individuals. Retail partners get 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; customers get access to convenient recycling, bottle deposit redemptions (in “bottle bill” states), and valuable rewards.
“Innovating the consumer’s approach to plastic waste is an essential step in the shift towards a circular economy,” said Paul Lee, Managing Partner of Vanedge Capital. “The Olyns platform is a proven, effective and cost-effective model that changes the paradigm of consumer recycling.”
Currently partnering with The Coca-Cola Company, PepsiCo, Mars Wrigley among others Olyns aims to change the perception of recycling while improving recycling rates in the United States and around the world.
According to Philip Stanger, Olyns co-founder and CEO: “More than 140 million tons of plastic from packaging becomes waste each year representing more than 45% of all plastic waste generated in the world.” He further added that “Consumer goods companies have been looking for ways to reduce their impact and build a sustainable circular model for their products. Olyns will help make that a reality.”
The coup de grace, with this new investment round led by Vanedge Capital worth $4 million dollars which will accelerate technology development and grid expansion to reduce plastic waste, Olyns is well on its way to achieving its mission of accelerating the shift towards a circular economy.
According to the news, Olyns currently partners with The Coca-Cola Company, PepsiCo and Mars Wrigley and is expanding its network of recycling bins in California, Georgia and other US states.
