Lixo, a French startup specializing in the analysis of household waste, announced a seed funding round of €3.5 million. The round was led by Demeter Partners, with participation from Raise Seed For Good, Amaury Bierent (Ovive and Optyma), and renewed support from 50 Partners.
Lixo, founded in late 2019 by Marjorie Darcet and Olivier Large, has developed an AI-powered hardware and software solution that equips waste-sorting machines, recycling chains, and waste management systems. Its machine learning algorithm processes real-time and continuous image streams to accurately identify the composition of waste. The startup's objective is to help waste managers improve their resources and performance.
This fresh funding will enable Lixo to strengthen its team in all areas and optimize its solution. The startup also aims to build itself as an open and transparent company, with the ambition to become a certified B-Corp.
Demeter Partners, one of the lead investors in the funding round, is a European private equity firm that invests in companies that promote the energy transition and environmental sustainability. Raise Seed For Good is a French impact investment fund that supports startups with a positive social and environmental impact. Amaury Bierent, one of the other investors, is the founder of Ovive and Optyma, two companies focused on environmental issues.
Lixo has already established partnerships with several waste management companies in France, and its solution has the potential to be implemented globally. The startup's innovative approach to waste management has the potential to make a significant impact on the environment by improving recycling rates and reducing waste.