Recycle Track Systems Secures $40M for AI Waste Management Innovation
Deal News | Jan 24, 2025 | Edison Partners LP
Recycle Track Systems, Inc. (RTS), a leader in waste management innovation, has successfully secured over $40 million in financing to further propel its mission to provide smarter and more sustainable waste solutions across North America. The funding round was spearheaded by Edison Partners and witnessed participation from Volition Capital, StepStone Capital Partners, among others. This capital injection will accelerate RTS's deployment of its AI-driven technology, notably the Pello sensor, which offers real-time waste data and optimizes waste management processes. The funding will also allow RTS to expand its reach across the United States and Canada, enhancing waste diversion and sustainability efforts. Cementing its industry leadership, RTS has recently secured a ten-year contract with New York City to enhance waste management through its cutting-edge AI technology. As RTS continues to innovate and grow its market presence, the company is well-positioned to shape the future of waste management and sustainability.
Sectors
- Waste Management
- Artificial Intelligence
- Venture Capital
Geography
- United States – RTS is based in New York, NY, and is expanding its services across the U.S. with particular emphasis on enhancing sustainability in urban waste management.
- Canada – Part of RTS's expansion strategy involves extending their innovative waste management solutions into the Canadian market.
Industry
- Waste Management – RTS operates within the waste management sector, focusing on sustainable and innovative solutions to optimize waste handling and recycling processes.
- Artificial Intelligence – The funding will enhance RTS's use of AI, particularly through technologies like the Pello sensor, to improve efficiency and sustainability in waste management.
- Venture Capital – Edison Partners and others' involvement represents significant venture capital investment aimed at scaling RTS's innovative solutions.
Financials
- $40,000,000 – The total amount of financing raised by RTS in the most recent funding round.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Recycle Track Systems, Inc. | Target | Company | A leader in waste management innovation, focusing on AI and sustainable solutions. |
| Edison Partners LP | Lead Investor | Company | A private equity firm that led the funding round for RTS. |
| Volition Capital | Investor | Company | A venture capital firm investing in RTS's growth. |
| StepStone Capital Partners | Investor | Company | An investment firm that participated in the RTS financing round. |
| City Waste Services of New York | Partner | Company | A local hauler partnering with RTS for waste management services. |
| Regency Recycling | Partner | Company | A local hauler partnering with RTS for waste management services. |
| Winters Bros. | Partner | Company | A local hauler partnering with RTS for waste management services. |
| Greg Lettieri | Co-Founder and CEO | Person | CEO of Recycle Track Systems, leading the company's strategic direction. |
| Chris Sugden | Managing Partner | Person | Managing Partner at Edison Partners, involved in the RTS investment. |
| Larry Cheng | Managing Partner | Person | Managing Partner at Volition Capital, supporting RTS's growth. |
| Shazi Visram | Board Member | Person | Board Member at RTS, advocates for sustainable practices in waste management. |