How can AI help municipalities and property owners make better decisions about waste management, recycling, and sustainability?
Sortrace has developed a solution that transforms everyday waste collection into valuable data points for a more circular economy. With several paying customers, an ongoing funding round, and ambitious growth plans, the company is entering an exciting new phase.
We sat down with founder and CEO Rahel Surshi to discuss the business idea, expectations of UIC, and the vision for the future.
“The most important mission is to help a conservative industry move into the future. If we succeed in what we are setting out to achieve, we will not only transform an entire industry – we will also build a billion-dollar company.“
* Describe your business idea in a few words.
The waste management industry is highly data-driven. Millions of waste bins are emptied every day, yet no one really knows what is inside them. Sortrace installs cameras on waste collection vehicles and uses AI to identify different types of waste materials.
The data is analyzed and made available to stakeholders who can benefit from these insights, such as municipalities and property management companies that want to better understand waste patterns and human behavior. In short, we turn waste collection into actionable data that various stakeholders can use. This is essential for building a circular economy.
* What are your expectations of UIC?
I’m not looking for an incubator in the traditional sense. What I appreciate about UIC is having a partner that understands what it means to operate in a conservative and highly regulated industry.
I believe Sortrace will gain access to the right contacts, support in finding key competencies, and added credibility that will help us take the next step in our journey. My expectations are therefore very concrete. We see UIC as a long-term partner.
* You are currently closing a funding round. What are your reflections on the market situation?
Today, Sortrace has four paying customers, with more on the way. We are currently raising capital to finance our growth. Right now, our focus is on installing more cameras on more vehicles for existing customers to build strong pilot cases and validate our solution further.
We are receiving interest from many municipalities, but there are still a few details we need to put in place before we can accelerate at full speed.
Many investors are traditionally skeptical of municipalities and the public sector. However, we have found excellent investors. One venture capital firm is prepared to lead the round, and two angel investors with highly relevant expertise have joined as well. Several other VC firms are already expressing interest in future rounds.
What was once skepticism has now turned into curiosity and genuine interest.
* Is Sortrace UIC’s next unicorn?
(Laughs.) Of course we are. Jokes aside, our most important mission is to help a conservative industry move into the future. If we succeed in what we are setting out to achieve, we will not only transform an entire industry—we will also build a billion-dollar company.