Topolytics, a Scottland, UK-based company that provides a data analytics platform, secured £1.5 million in funding.
The investment was from seven individual investors with experience scaling data analytics and Software as a Service (SaaS) businesses as well as a grant from UK Research and Innovation (UKRI).
The Scottish startup will use the funds to launch its WasteMap solution and support its UK and international expansion plans.
“Topolytics has a growing global reputation for the insights available through our WasteMap platform. It helps waste producers and recyclers to drive resource and cost efficiencies, traces the movement of waste, and measures their impact, whilst validating performance and improving the quality and reliability of ESG and carbon reporting. It is a privilege to be working with some leading players in their sectors, UK and international businesses alike, that see great commercial and environmental benefit from taking a fresh look at waste,” said Michael Groves, CEO of Topolytics.
The company’s WasteMap platform enables organizations to track their waste and helps them reduce their carbon footprint and generate new revenue streams by building circular economies.
WasteMap uses mapping and machine learning to make waste and resource management more transparent and efficient.
Additionally, these insights enable greater materials recovery, support investment strategies, and reduce carbon emissions through WasteChain.
Company: Topolytics Limited
Raised: £1.5M
Round: Unknown
Funding Month: February 2023
Lead Investors: Undisclosed
Additional Investors: UK Research and Innovation
Company Website: https://topolytics.com/
Software Category: Waste and Resource Management
About the Company: Founded by Michael Groves, Topolytics is a data analytics business that is making waste material supply chains visible, verifiable, and valuable. Through its WasteMap AI technology, it can develop a visual map of useful, reusable manufacturing products that can be extracted from the waste system and fed back into production. Topolytics operates at the nexus of the waste industry and circular economy, software engineering, and data science. The company’s mission is to be the leading waste and resources analytics business for organizations that generate waste through their operations and products, the industry that is moving and processing this material, investors, and the government (local, regional, or national).
Source: https://techfundingnews.com/scottish-waste-tech-startup-collects-1-5m-for-using-machine-learning-to-recycle-trash-in-smart-cities/