Oyster able
‘Recycle today’ – IoT Smart Bin & Reward App for boosting recycling.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor | €0.0 | round |
| investor | €0.0 | round | |
KRW1.0b | Seed | ||
| Total Funding | 000k | ||
Oysterable, founded in 2019 by CEO Taegun Bae, is a South Korean company at the forefront of the circular economy, developing AIoT (Artificial Intelligence of Things) solutions to address waste management challenges. Bae, who holds bachelor's and master's degrees in architectural design, leveraged his background in solving waste and energy problems in urban environments to establish the company. His vision is to create a virtuous cycle that encourages citizen participation in building sustainable smart cities.
The company operates on a subscription-based business model, providing its infrastructure to local governments and corporations for a monthly fee. Its clientele spans a wide range, including supermarkets, coffee shops like Starbucks, restaurants, local governments, and housing complexes. Oysterable's core offering is the 'Lalaloop' platform, an end-to-end system for the circulation of reusable and recyclable materials. This platform features smart collection devices, often called reverse vending machines (RVMs), and a connected mobile application. The system facilitates the rental and collection of reusables, such as cups, and the separate collection of recyclables.
A key feature of the Lalaloop platform is the use of unique identification codes, like QR codes or RFID tags, on packaging, which the company calls 'LalaloopID'. This enables the tracking of a product's entire lifecycle, from manufacturing to disposal, and calculates metrics like carbon footprint reduction. Consumers are incentivized to participate through a rewards system managed by the mobile app, 'Today's Recycle'. By scanning items and using the collection bins, users earn points that can be redeemed for products or other benefits, thus promoting higher engagement. The data collected provides corporate clients with valuable ESG-related metrics and insights into consumer behavior.
Keywords: circular economy, waste management, AIoT, reverse vending machine, smart recycling, reusable packaging, sustainability technology, ESG data, carbon credit tracking, consumer rewards platform, Taegun Bae, Lalaloop, resource circulation, smart city solutions, IoT infrastructure, packaging traceability, deposit-refund system, cleantech, environmental technology