AMP Robotics Raises $55 Million for AI Development

Smart Blog

AMP Robotics Raises $55 Million for AI Development

AMP Robotics Corp., a pioneer in AI Development, has raised $55 million in corporate equity through a series B financing led by XN with participation from Valor Equity Partners and GV as well as the existing investors Sequoia Capital, Sidewalk Infrastructure Partners, Congruent Ventures, and Closed Loop Partners. A $16 million Series A financing led by Sequoia Capital already took place in November 2019.
AMP plans to use this funding to scale business operations to meet the market demand for its technology. They also plan to develop new AI product applications that integrate into materials recovery facilities to increase recycling rates for its customers. The new capital will also be used for market expansion. AMP works with consumer packaged goods (CPG) companies, like Keurig Dr Pepper to help them achieve their recycled content and sustainability goals for a circular economy.

We are blessed with an outstanding group of new investors, a mission-driven team, and amazing customers,

said Matanya Horowitz, founder and CEO of AMP Robotics.

We are putting this next round of investment to work immediately to create novel technology for the waste industry and meaningfully contribute to reducing society’s impact on the environment.

We are excited to partner with AMP as Matanya and the team continue to build an exceptional and category-defining business,

said Gaurav Kapadia, founder of XN.

AMP’s technology radically improves the economics and efficiency of recycling and creates transformational long-term value for customers, the economy, and the environment.

More than $200 billion worth of recyclable materials go unrecovered annually worldwide. The economics and efficiency of identifying and sorting paper, plastics, metals, and other recyclables from the waste stream creates a major challenge for material recovery. Recently, the waste industry has also faced stricter international quality standards for contamination-free imports of recycled materials. Therefore, the industry is in search of cost-effective alternatives to meet these requirements. In addition, COVID-19 forced many businesses to suspend recycling operations due to concerns for worker safety – at the same time, the crisis increased demand for high-quality recycled feedstock to overcome supply chain interruptions and shifts in raw material availability.
AMP Robotics’ technology modernizes recycling by improving material quality, ensuring worker safety, increasing productivity, lowering costs, diverting waste from landfill, and reducing greenhouse gas emissions. The technology also helps increasing overall rates of recycling and resource recovery.

AMP is a transformational company in the global waste industry, similar to companies we have partnered with in other sectors,

said Sam Teller, partner at Valor Equity Partners.

We believe deeply in AMP’s potential to update and scale our waste infrastructure to meet ramping demand for recycled content and to create a more sustainable, circular economy.

AMP’s technology applies computer vision and deep learning to guide high-speed robotics systems to precisely identify and differentiate recyclables found in the waste stream by color, size, shape, opacity, consumer brand, and more, storing data about each item it perceives. The company’s technology is able to recognize and recover material as small as a bottlecap and as unique as a Keurig coffee pod from complex material streams so that these materials may serve another productive life in the economy.
In late 2020, AMP signed a long-term agreement with Waste Connections, Inc. to deploy 24 AI-guided robotics systems. That was the company’s largest contract to date. AMP has deployments across three continents, which makes it the leading provider of AI-guided robotics systems for recycling globally.

Author: Rainer Claaßen
Image Credit: AMP Robotics Corp.

Tags: /

Leave a Reply

Your email address will not be published. Required fields are marked *

*