November 2, 2022
Denver-based AMP Robotics, which develops artificial intelligence and robotic systems for the waste and recycling industry, has announced raising $91 million in corporate equity in a Series C financing. The new funding follows a $55 million Series B round in January 2021.
AMP said it will use the latest funding to scale business operations while also continuing international expansion for its systems, which includes retrofitting existing recycling infrastructure with robotics applications. The round was led by Congruent Ventures and Wellington Management, as well as new and existing investors, including Blue Earth Capital, Sidewalk Infrastructure Partners (SIP), Tao Capital Partners, XN, Sequoia Capital, GV, Range Ventures, and Valor Equity Partners.
“Advancements in robotics and automation are accelerating the transformation of traditional infrastructure, and AMP is seeking to reshape the waste and recycling industries,” said Michael DeLucia, sector lead for climate investing at Wellington Management. “By bringing digital intelligence to the recycling industry, AMP can sort waste streams and extract additional value beyond what is otherwise possible.”
AMP said its core technology has grown along with demand for new types of commodities to be recycled, and the funding will also be used to support a fleet of 275 robots around the world. The company includes three production facilities in Denver, Atlanta and Cleveland metropolitan areas, with plans to grow its secondary sortation business in the U.S.
“Our focus from the outset has been our application of AI-powered automation to economically and sustainably improve our global recycling system,” said Matanya Horowitz, founder and CEO of AMP Robotics. “We’ve been fortunate to attract a passionate team, loyal customers, and visionary investors along the way. With this new funding, we’ll accelerate our efforts to modernize and expand our recycling infrastructure, aiding society’s path to a circular economy.”
AMP said out of the estimated 44 million metric tons of plastic waste managed domestically in 2019, approximately 86% was landfilled, 9% was combusted, and 9% was recycled. It said the recovery of U.S. plastic packaging and food-service plastic alone could represent a pool of earnings between $2 billion to $4 billion per year.
“AMP’s technology is rewriting the economics of recycling, marrying purpose with profit for our recycling partners,” said Abe Yokell, co-founder and managing partner of Congruent Ventures. “It is a privilege to be able to support such a mission-driven team as they have grown from an eight-person operation to an industry leader.”
“We look forward to supporting the AMP team in scaling cost-effective waste management solutions for the circular economy using technology, efficiency, and automation,” added Kayode Akinola, head of Private Equity at Blue Earth Capital. “AMP is helping to promote emissions reductions and resource efficiency whilst meeting a growing demand for recycled materials.”
AMP’s proprietary technology applies computer vision and deep learning to identify and recover plastics, cardboard, paper, cans, cartons, and many other containers and packaging types reclaimed for raw material processing. AMP said its AI platform, AMP Neuron, has recognized more than 50 billion objects in real-world conditions, making it the largest known dataset of recyclable materials for machine learning.
For more details on AMP Robotics and its technologies, visit its website here.