BinIt
AI-powered analytics and hardware for waste management.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor | €0.0 | round |
| N/A | €0.0 | round | |
| N/A | €0.0 | round | |
* | $6.4m | Seed | |
| Total Funding | 000k | ||
BinIt provides data-driven solutions for the waste management industry, utilizing computer vision and artificial intelligence to enhance sorting efficiency and provide analytics. The company was founded by Raghav Mecheri and Ajit Akole in New York City in 2018, originating from an idea that won the Columbia Venture Competition. Their initial concept involved a smart trash can to sort waste at the household level, which later pivoted to focus on industrial-scale solutions for Material Recovery Facilities (MRFs).
The company's core product, WasteClassify, is a computer vision system that is installed over conveyor belts in recycling facilities. It provides real-time data on waste composition, identifies materials, detects contamination, and flags hazardous items like lithium-ion batteries, which can cause fires. This allows MRF operators to optimize their sorting processes, improve efficiency, increase the quality of recycled materials, and enhance safety. BinIt's business model has evolved from a pure software-as-a-service (SaaS) subscription to a 'hardware-enabled software business' that includes the sale of hardware like X-ray machines alongside software subscriptions.
BinIt also developed a product for households, a smart device that uses AI and camera vision to identify waste items, helping users sort correctly and track their waste generation through a gamified mobile app. Pilot programs for this technology have shown significant reductions in household waste. The company serves clients such as municipal waste authorities, private waste management companies, and individual households. Since its inception, BinIt has secured multiple rounds of seed funding, including investments from Neotribe Ventures.
Keywords: waste management analytics, computer vision recycling, AI waste sorting, material recovery facility optimization, smart trash bin, circular economy technology, recycling data platform, waste stream analysis, hazard detection in waste, WasteClassify, waste tracking, recycling efficiency, automated sorting, sustainability technology, cleantech, environmental tech, data-driven recycling, waste characterization, landfill diversion, smart cities