AMP Robotics Raises $99 Million in Extended Series C Round
Denver, Colorado-based AMP Robotics, a pioneer in the development of robotic systems for automatically sorting recyclable materials, has announced that it has extended its Series C funding round to $99 million. This significant increase from the original $91 million raised in November brings the company’s total funding to around $178 million.
Investment from Microsoft’s Climate Innovation Fund
The extended Series C round saw participation from investors including Congruent Ventures and Wellington Management (who co-led), Blue Earth Capital, Sidewalk Infrastructure Partners, Tao Capital Partners, XN, Sequoia Capital, GV, Range Ventures, and Valor Equity Partners. The addition of $8 million from Microsoft’s Climate Innovation Fund is a significant boost to the company’s efforts in addressing climate change through sustainable recycling practices.
Scaling Operations and Expanding Infrastructure
AMP Robotics plans to utilize the additional capital to scale its operations, including deploying technology solutions to retrofit existing recycling infrastructure and expanding new infrastructure based on its application of AI-powered automation. The company’s CEO, Matanya Horowitz, noted that the funding will enable AMP to "build the technologies and team to support these opportunities."
Founding Story: From Caltech to Recycling Revolution
Horowitz founded AMP in 2014 after completing his PhD at Caltech. During his research, he recognized the potential of computer vision technology and its application in various industries, including recycling. Horowitz’s interest in recycling was sparked by a visit to a recycling facility, where he witnessed the demanding conditions and challenging working environment.
"I saw not only how labor-intensive and high-cost these tasks were, but also how inconsistent and limiting they could be," Horowitz said. "The convergence of machine learning and robotics offered compelling opportunities to automate what had historically been tasks that were labor intensive, high cost, inconsistent and limiting."
The Lucrative Recycling Industry
The recycling industry contributes nearly $117 billion to the U.S. economy, according to the Institute of Scrap Recycling Industries. Additionally, the industry processes 130 million metric tons of valuable commodities annually. Horowitz estimates that recovery of U.S. plastic packaging and food-service plastics alone could represent a pool of earnings of $2 billion to $4 billion per year.
AMP’s Robotic Sorting System: AMP Cortex
AMP’s primary customers are recycling facilities, which use the startup’s flagship product, AMP Cortex, to sort, pick, and reclaim plastics, cardboard, paper, cans, cartons, and other containers and packaging types. AMP Cortex can perform 80 to 120 picks per minute while remaining accurate in sorting.
Compact Solution: AMP Cortex-C
Recently, AMP unveiled a more compact solution dubbed AMP Cortex-C alongside an integrated, standalone facility offering for waste management companies. Horowitz notes that the company’s robotic fleet of around 275 is now deployed in over 100 centers, including several owned by Waste Connections, its largest customer.
Growing Secondary Sortation Business
AMP plans to grow its secondary sortation business in the U.S. across its three facilities, with a focus on increasing efficiency and reducing costs. The company’s efforts in developing AI-powered sorting solutions aim to improve the overall recycling process and reduce waste management challenges.
Conclusion: AMP Robotics’ Commitment to Sustainable Recycling Practices
With the extended Series C funding round, AMP Robotics has demonstrated its commitment to addressing climate change through sustainable recycling practices. By leveraging AI-powered automation, the company is poised to revolutionize the recycling industry and make a significant impact on the environment.
