AMP Robotics Corp. has raised $91 million in corporate equity in a Series C financing round that it said it will use to scale its business operations while continuing its international expansion.
The company said it will also use the funding to retrofit recycling operations with its robotic technology. It said the new capital will enhance manufacturing capacity to support a fleet of approximately 275 robots around the world and help drive the development of its AI-enabled automation technologies.
“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’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. The company said its AI platform, AMP Neuron, has recognized more than 50 billion objects in real-world conditions.
The company added it continues to break new ground in the application of data for recycling with its material characterization software, which digitizes the real-time flow of recyclables with precision and consistency. Better data provides opportunities to identify gaps in material capture, transparency on what recyclables are and are not recycled, and a basis for standardized measurement vital to improving the national recycling system.
AMP recently expanded its partnership with Waste Connections Inc. its largest customer. Since late 2020, Waste Connections has booked or deployed 50 of AMP’s high-speed robotics systems on plastic, fiber, and residue lines, becoming the largest operator of AI-guided robotics in the industry.
Last month, the company announced Vortex, its new system designed to identify and separate film and flexible packaging.
Investors see promise in recycling robots
The financing 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. This new round of funding follows a $55 million Series B financing led by XN in January 2021.
“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.”
Brian Barlow, co-founder and co-CEO of SIP, added, “Given our unique focus on technology-enabled infrastructure systems, we've supported AMP since its early seed fundraise and seen it grow AI into an essential piece of the industry. We look forward to continuing to provide strategic guidance about how its technology can be commercially scaled into the physical environment, including AMP's secondary facilities.”
“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.”
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