Recycle Track Systems raises more than $40M in financing round

Recycle Track Systems Inc. (RTS), a New York-based provider of traceability solutions for the waste and recycling industry, has closed its financing round, raising more than $40 million.

RTS says this funding milestone will accelerate its mission to deliver smarter, cleaner and more sustainable solutions through artificial intelligence- (AI-) powered technology.

The round was led by current investor Edison Partners, with participation from Volition Capital, StepStone Capital Partners and other major stockholders.

RELATED: Recycle Track Systems acquires RecycleSmart Solutions

“This round further strengthens RTS’ position as a pioneer in AI-powered waste management,” RTS co-founder and CEO Greg Lettieri says. “The continued support from our investors reflects the market’s trust in our innovative approach to sustainability. This capital will accelerate our investments in AI [and] automation and expand the deployment of Pello sensors across our customer base, enabling us to collect real-time waste data that sets a new standard for the industry. With this data, we’ll continue to drive innovation and advance how waste management is approached, unlocking new efficiencies and insights that will shape the future of the industry.”

RTS’ Pello waste sensor technology provides insights into container contents, fill levels, contamination, bin location and temperature. It aims to help businesses optimize hauling, automate pickups and track environmental, safety and governance (ESG) commitments.

“We’ve seen RTS grow from a promising startup to an industry leader driving real change in waste management,” says Larry Cheng, managing partner at Volition Capital. “This funding further accelerates RTS’ momentum, pushing the boundaries of AI and automation while expanding their impact across North America, solidifying their position as the industry’s most innovative and impactful player.”

RTS recently secured a ten-year contract in New York as one of five awardees for city-wide containerized services and as a zone awardee for three commercial waste zones. In partnership with locally established haulers—Winters Bros., City Waste Services of New York and Regency Recycling—RTS says it is advancing sustainability initiatives across all five boroughs.

RELATED: First NYC commercial waste zone is operational

“RTS is uniquely positioned to help businesses and municipalities create healthier, more sustainable communities where our waste is better managed for our next generations,” RTS board member Shazi Visram says. “With a strong and passionate leadership team and solid foundation, I have full confidence in RTS’ ability to lead the transformation of this industry towards a better way.”