Luxembourg-based tech company Eiravato uses big data and AI to help companies – like Jabil – become more sustainable while making money.
by: Silicon Luxembourg
photo: Doruk Yemenici / Unsplash
It helps businesses derive environmental and financial benefits
Jabil made an annual 150.000€ extra in revenues – by reducing transport costs and administrative work by 80%, waste storage space by 70%, and transformed the lifecycle of 73.6% of its goods and products in just 6 months
The Irish startup’s service is a prime example of how technology can catalyze a circular economy and provide answers to climate change.
Eiravato is an international software service company that has developed a transparent waste management software – powered by AI and big data. It allows businesses to keep track of the kinds of waste produced and provides them with data that allows the sourcing of potential buyers for these waste materials. With this, Eiravato offers short-term financial and ecological benefits for companies and governments while promoting a circular economy.
“European businesses today have the same problem selling their waste, ultimately preventing a circular economy.”
The Irish startup moved to Luxembourg in early June and is funded by Luxembourg’s Ministry of Economy. It offers an all-in-one software solution for governments and businesses that includes tracking and selling waste, axing administration time and transport costs and short-term and tangible circular economy measures.
“Manufacturing companies, sustainability-conscious brands and producers of fast moving goods that seek practical ways to reach a circular economy can benefit from our technology”, explains Eiravato CEO Marcin Kulik. Marcin and Eiravato COO Steve Cassidy openly call for a collaboration between the industry, governments and innovators like Eiravato to get the most out of a cohesive circular economy.
One way to improve that collaboration is a more specific business waste categorization of sorts– think of plastic, glass, and cardboard – imposed by governmental institutions. Kulik and Cassidy describe the current European Waste Codes (EWC) as ‘too general to circular economy’.
“Imagine trying to sell a smartphone without knowing any of its technical specifications. Good luck finding a buyer. European businesses today have the same problem selling their waste, ultimately preventing a circular economy. We have the answer: our solution looks at the DNA of materials and identifies waste on a micro level”, Kulik explains. In a circular economy, products and materials are upgraded or refurbished so they can continue being used.
“I’m happy that Eiravato is now a growing and Luxembourg-based startup that shares our circular economy mindset.”
Luxembourg’s funding boosted Eiravato’s growth in the booming circular economy sector
Eiravato was granted 150.000€ by Luxembourg’s national innovation agency Luxinnovation and graduated from the governmental Fit 4 Circularity program, a program that has been designed to facilitate and accelerate companies’ transition into the circular economy. “The program organized by Luxinnovation, encourages and supports companies to innovate and to grow”, explained Cluster, Manager of EcoInnovation at Luxinnovation Charles-Albert Florentin. He was one of the speakers at the circular economy event Eiravato hosted earlier this year at its new home : Luxembourg’s Paul Wurth InCub.
Jerome Petry, Deputy Director of Sustainable Technologies at the Luxembourg Ministry of Economy, emphasized the country’s circular economy efforts at the event: “The term circular economy is mentioned 27 times in the 2018 governmental program – ranging from departments such as sustainable development, economy, agriculture, public works, finance to housing. I’m happy that Eiravato is now a growing and Luxembourg-based startup that shares our circular economy mindset.”
Eiravato was founded in 2015 by Kulik and Cassidy and raised 550.000 euros in funding last year. The Irish startup expects to double its number of employees from 7 to 15 over the next year. Its focus on the circular economy looks lucrative, as the European industry sector could bank net materials cost savings of up to 553 billion euros per year according to the World Economic Forum.
The article is sponsored by Eiravato and reflects only the opinion of the author.
