AMP, a Louisville, Colorado-based pioneer in artificial intelligence (AI), robotics, and infrastructure for the waste and recycling industry, raised $91 million in corporate equity in Series C financing.
The round was led by Congruent Ventures and Wellington Management and 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.
AMP will use the latest funding to scale its business operations while continuing its international expansion. The new capital will enhance manufacturing capacity to support a fleet of approximately 275 robots worldwide and further AMP’s ongoing development of AI-enabled automation applications for recycling, like AMP Vortex™, the company’s latest innovation for the recovery of film and flexible packaging.
“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 also has three production facilities in the Denver, Atlanta, and Cleveland metropolitan areas; the funding will help drive further growth of the company’s secondary sortation business in the United States.
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’s AI platform, AMP Neuron™, has recognized more than 50 billion objects in real-world conditions, making it the largest known dataset of recyclable materials for machine learning.
Company: AMP Robotics Corp.
Raised: $91.0M
Round: Series C
Funding Month: November 2022
Lead Investors: Congruent Ventures and Wellington Management
Additional Investors: Blue Earth Capital, Sidewalk Infrastructure Partners (SIP), Tao Capital Partners, XN, Sequoia Capital, GV, Range Ventures, and Valor Equity Partners
Company Website: https://www.amprobotics.com/
Software Category: Recycling Infrastructure
About the Company: AMP Robotics is modernizing the world’s recycling infrastructure by applying AI and automation to increase recycling rates and economically recover recyclables reclaimed as raw materials for the global supply chain. The AMP Cortex™ high-speed robotics system automates the identification and sorting of recyclables from mixed material streams. The AMP Neuron™ AI platform continuously trains itself by recognizing different colors, textures, shapes, sizes, patterns, and even brand labels to identify materials and their recyclability. AMP Clarity™ provides data and material characterization on what recyclables are captured and missed, helping recycling businesses and producers maximize recovery. With deployments across North America, Asia, and Europe, AMP’s technology recovers recyclables from municipal collections, precious commodities from electronic scrap, high-value materials from construction and demolition debris, and valuable feedstocks from organic material. AMP is made in America, with headquarters and manufacturing operations in Colorado.
Source: https://www.amprobotics.com/news-articles/amp-robotics-raises-91-million-in-series-c-financing