May 8, 2023, SAN JOSE, Calif. — Olyns, a pioneer in cutting-edge recycling solutions, today revealed its USD 4 million Series A fundraising, headed by Vanedge Capital. The money will help Olyns build its AI-driven technology more quickly and expand its media and dual recycling network.
At the intersection of retail media and recycling, Olyns innovates with its striking container collection Cubes. Olyns’ Cubes, a company rethinking recycling technologies and business models, uses sophisticated AI methods and algorithms that can recognize any container. By serving as retail media displays and offering data-driven insights into consumer recycling behavior and brand-specific recycling rates, The Cubes also establish a new income paradigm for recycling.
The value provided by Olyns’ advertising-based business model benefits site owners, businesses, and individuals. Customers can access convenient recycling, bottle deposit redemptions (in “bottle bill” states), and valuable rewards. Retail partners benefit from increased foot traffic, a share of the revenue from ad sales, and a turnkey recycling solution. Brand advertisers reach consumers in-store and strengthen their sustainability credentials.
According to Philip Stanger, co-founder and CEO of Olyns, “Olyns set out to address the challenges surrounding plastic waste by rethinking the consumer recycling ecosystem.” “Momentum is increasing, and this money will assist us in establishing and expanding our network, which is both profitable and scalable.
The funding will hasten the advancement of our technology and expand our network of Cubes, putting us one step closer to altering public perceptions of recycling and raising recycling rates both domestically and internationally.
“Transitioning to a circular economy requires innovative consumer approaches to plastic waste. The Olyns platform is a tried-and-true, successful business model that alters how people think about recycling, according to Paul Lee, managing partner at Vanedge Capital. “We are thrilled to support their talented founding team, who left Apple, as they work to create a company that can truly make a difference and have an impact,” says the company.
In California, Georgia, and other US states, Olyns is growing its network of recycling Cubes in collaboration with The Coca-Cola Company, PepsiCo, and Mars Wrigley.
According to Stanger, more than 140 million tonnes of packaging-related plastic trash—or more than 45% of all plastic waste produced worldwide—become waste yearly. “Consumer goods firms have been looking for strategies to lessen their effect and create a circular, sustainable business model for their items. Olyns will contribute to making it happen.”
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