Victor Ugochukwu · Dec 14, 2020 . 5min read
Dutch Technology Startup Circularise Receives €1.5 million Funding from EU
Circularise, a blockchain solution for tracing materials and sharing data intends to track plastic and move towards a circular economy.
By Komal Joshi · Sep 9, 2020 . 5min read
Circularise, a Dutch technology startup, has raised €1.5 million from the EU Commission’s Horizon 2020’s SME Instrument Phase 2. Circularise is a blockchain solution for tracing materials and sharing data. It plans to develop an open-source protocol and decentralized network to bring transparency to global plastic supply chains and move towards a circular economy. Additionally, it utilizes blockchain, peer-to-peer technology, and cryptographic techniques similar to Zero-Knowledge Proofs (ZKPs) to develop decentralized information storage and communication platform.
Circularise intends to re-kindle the continued growth of the collaborative project for circularity in the plastics industry. EU funding is a big step forward for Circularise to make supply chains more transparent and sustainable. Moreover, it will be instrumental in countering the plastic waste. The vision is to become an industry standard and a secure and open system for global supply chains.
EU Funds Emerging Technology
According to Circularise’s founder Jordi de Vos, the EU funding demonstrates that it intends to fund rising technologies. It invests in technologies that can allow expansion in the circular economy space. He further states that it aims to scale the project with the existing associates with the support of the EU. It will attract new people to join Circularise and expedite the transformation to a circular economy globally.
Earlier it was announced that two European companies, polymer manufacturer Covestro and polyamide supplier Domo, are associating with Dutch technology startup Circularise to develop a system for tracking plastics. However, the first version of the systems has been built and tested. Referring to its success, in spring 2020, Circularise was elected into an acceleration program by the Alliance to End Plastic Waste.
However, now the EU funding will fuel the sustained growth of Circularise Plastics. The plan is to build an open standard for sharing data about where resins or materials originate. It intends to provide data that is significant for transferring circular production models that support the plastics industry to increase the utilization of recycled content and reduce virgin use plastic.
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