LabCycle Raises Over £1M Seed Funding to Enhance Circular Economy for Laboratory Plastics in the UK
LabCycle has secured over £1 million in a Seed funding round led by QantX to transition from a linear plastic waste model to a circular solution for laboratories. The funding will help commercialize AutoDecon, the first system capable of recycling contaminated lab plastics into high-grade resources while reducing carbon emissions by up to 90%. LabCycle operates under contracts with the NHS and other institutions, aiming to shift the perception of laboratory plastic waste from cost to recoverable resource.
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LabCycle has raised over £1 million in an oversubscribed Seed funding round led by QantX. This investment will facilitate the transition from a linear waste model to a circular economy for laboratory plastics, focusing on the company's AutoDecon system, which safely recycles contaminated plastics without high heat or pressure.
The system can reduce carbon emissions by up to 90% compared to incineration, which is crucial for organizations aiming to lower their Scope 3 emissions. LabCycle has established commercial contracts with the NHS and other private entities, reflecting a broader shift in the management of laboratory plastic waste. The company has received support from various innovation and commercialization partners, including participation in SETsquared programmes.
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