January 4, 2021

AMProbotics 400x275Denver-based AMP Robotics, which develops artificial intelligence software and robotics systems aimed at the waste industry, announced it raised $55 million in corporate equity in a Series B financing. The round was 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.

The latest round of funding follows a $16 million Series A financing round led by Sequoia Capital in November 2019. The company said it will use the funds to accelerate innovation and scale commercialization to meet the rapidly increasing demand for AI and robotics application in the waste industry.

“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.”

AMP said it will use part of the new capital to support the company’s market expansion as it works with consumer packaged goods companies, such as Keurig Dr Pepper, to help them achieve their own recycled content and sustainability goals.

The company said more than $200 billion worth of recyclable materials goes uncovered annually, due to the economics and efficiency of identifying and sorting paper, plastics, metals and other materials from the waste stream. In addition, COVID-19 forced many businesses to suspend recycling operations due to concerns over worker safety, as well as increased demand for high-quality recycled feedstock to overcome supply chain interruptions.

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AMP’s proprietary technology applies computer vision and deep learning to guide high-speed robotics systems to identify and differentiate recyclables in the waste stream by color, size, shape, opacity, consumer brand and more, the company said. It sorts data about each item it perceives, with the technology recognizing and recovering materials as small as a bottlecap or as unique as a Keurig coffee pod.

“Matanya and the team are experts in machine learning and robotics and have developed a differentiated technology in the recycling business,” said Andy Wheeler, general partner at GV. “AMP has made strong commercial traction in the market and is poised to have a meaningful impact on the recycling industry and global waste management at large.”

The company recently signed a long-term agreement with Waste Connections, Inc., to deploy 24 AI-guided robotics systems, which it says is the largest contract to date. AMP has hundreds of deployments across three continents. In the U.S., AMP has deployed systems in more than 20 states, including California, Colorado, Florida, Minnesota, Michigan, New York, Texas, Virginia and Wisconsin.