ESG Today writes that DePoly was founded back in 2020 by current CEO Samantha Anderson, CTO Bardiya Valizadeh and the company's CSO, Christopher Ireland. DePoly's plastic processing technique converts post-consumer and post-industrial plastic materials and turns it back to its original form, the raw materials. By doing this, the company is addressing one of the most significant challenges when it comes to recycling plastic in the first place.

Thus, PET and polyester textiles are being processed and turned into the raw materials that they were originally made of, without the need to pre-sort, pre-wash or pre-melt them. The recycled and processed raw materials can then be sold to enable the development of new plastic materials.

Right now, DePoly uses a processing plant with a capacity of 50 tons of plastic per year, but officials shared that a much larger facility is being built, which will be able to process 500 tons of plastic waste.

Samantha Anderson, CEO and co-founder of DePoly, said that "by recycling pre- / post-consumer and post-industrial plastics that otherwise would be sent to incineration centers or be landfilled, we at DePoly aim to eliminate plastic waste and create a sustainable source of chemicals by diverting this waste from our environment and lowering our carbon footprint up to 65% at the same time. The raw materials produced match that of their fossil-fuel-based equivalents, meaning customers no longer have to choose between PET quality and its sustainability."

BASF Venture Capital and Wingman Ventures were the leading investors in the latest financing round.