- 3 mins
- Article
- Innovation & Transformation
- Digital Adoption
Client spotlight: How Recycleye uses AI to tackle the world's waste problems
Find out how we are helping Recycleye and its customers turn waste into profit.
About Recycleye: The technology to transform trash
One of the main excitements of working at Recycleye every day is that we are making a meaningful difference in the sustainability of the world. We really do believe waste doesn't exist, it's just material that's in the wrong place.
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Recycling is currently an expensive, labour-intensive and sometimes dangerous business, and that's what Recycleye is aiming to solve with the help of advanced AI.
There's nothing rubbish about Recycleye's technology. Founded in 2019 by Victor Dewulf and Peter Hedley, Recycleye’s technology uses smart algorithms and computer vision to do something that's easy for the human eye, but difficult for machines - visually identifying and sorting items quickly. This combines with robotics to automate the process of separating materials for efficient recycling.
Recycleye doesn't just make recycling faster. It also makes it more economical by increasing the potential value of recovered materials. Boosting recycling rates means less consumption of virgin materials and resources, meaning every Recycleye robot that is installed into the recycling industry is establishing a more sustainable process. And to help achieve these goals, Recycleye needs the right banking support.
Transactions, trust and talking: How we help Recycleye grow
We did our research in the market, looking at every bank for where we could hold our new funds and get the best interest rates available. HSBC was the one with the best rates, but also had some really good services around it.
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We turned to HSBC Innovation Banking after completing our Series A fundraising, we needed a partner to help manage our new funds and help us grow. We had experienced limited relationship management and no clear point of contact from previous providers. Innovation Banking stands out for your personal approach to banking.
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Recycleye is an industrial business in a sector with high capital expenses, so had a wide range of banking needs. This included easy cross-border transactions, but also access to trade solutions such as bank guarantees, which help to build customer trust, particularly when making large financial commitments and securing international contracts. Access to our global network of group offices and correspondent banks has helped Recycleye unlock valuable support and facilitate its global reach.
Our services also include networking events such as dinners with other startups.
These allow us to chat directly to founders and CEOs, picking their brains for firsthand knowledge from businesses that have already gone through the same processes and experienced the same challenges.
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New markets, new verticals, new opportunities
We were also impressed by the level of control and protocols for who can access the services as the business grows. This means I can gradually hand over responsibility for financial decisions within my team as we scale up and add new services.
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Growing internationally into Europe and the US is a big focus for Recycleye, as is moving into new waste management verticals. The company is expanding from household waste to electronic, construction and beyond, with the goal of taking the 92% of waste globally that isn't currently recycled and turning it into something useful.
Our relationship with Recycleye certainly isn't heading for the waste bin any time soon! There is a landfill of opportunities that lie ahead of Recycleye, and we’ll keep supporting the company all the way through its growth journey.
The future is super bright. We have lots of opportunities to grow geographically into different countries as well as across different waste streams.
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