Denver-based AMP Robotics has raised $55 million for its AI-powered system which aims to reduce global waste.
Coming off the hottest year on record, with the US experiencing its first-ever “gigafire”, the worst Amazon fires in a decade, and devastating typhoons swamping the Indian subcontinent – to name just a few climate-related disasters – it’s more clear than ever we need to turn words into actions when it comes to reducing our environmental impact.
Technological advancements will be key in tackling climate change while minimising disruption to our lives. Fixing inefficient legacy systems is a great start.
AMP Robotics’ AI system is able to automatically sort recyclable materials by using physical three-armed picker robots above a conveyor belt:
In 2015, the Environmental Protection Agency estimates that around 262 million tons of municipal waste was created in the US and 91 million tons were recycled and composted. Globally, more than $200 billion worth of recyclable materials go unrecovered annually. Automation will help to drive the total of waste being recycled higher.
Matanya Horowitz, Founder and CEO of AMP Robotics, said: “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.”
Waste-sorting robotics is expected to reach $12.26 billion by 2024, increasing at a compound annual growth rate of 16.52 percent. Innovative companies in the space are attracting significant investment.
In AMP Robotics’ case, the startup has managed to close a $55 million Series B funding round led by XN with participation from new investors Valor Equity Partners and GV as well as existing investors Sequoia Capital, Sidewalk Infrastructure Partners, Congruent Ventures, and Closed Loop Partners
“We are excited to partner with AMP as Matanya and the team continue to build an exceptional and category-defining business,” commented 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.”
The company boasts that its AI-powered platform can pick items at a rate of 80 per minute—far higher than current manual processes. It can even be tailored to individual brands and SKUs of recyclable objects.
AMP Robotics claims that its platform has now processed over a billion recyclables which translates to a greenhouse gas reduction of around half a million metric tons.
The total raised by AMP Robotics is now almost $75 million.
(Source:IoT News https://iottechnews.com/news/2021/jan/04/amp-robotics-raises-55-million-advance-waste-reducing-mission/ )
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