COVID-19 then forced many businesses to suspend recycling operations due to concerns for worker safety. In recent years, the waste industry has also faced stricter international quality standards for contamination-free imports of recycled materials, leaving the industry in search of cost-effective alternatives to meet these requirements. 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. Globally, more than $200 billion worth of recyclable materials goes unrecovered annually. “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 blessed with an outstanding group of new investors, a mission-driven team, and amazing customers,” said Matanya Horowitz, founder and CEO of AMP Robotics. The new capital will also support the company’s market expansion as it works with consumer packaged goods (CPG) companies, like Keurig Dr Pepper (NASDAQ: KDP), to help them achieve their recycled content and sustainability goals for a circular economy. "AMP's technology radically improves the economics and efficiency of recycling and creates transformational long-term value for customers, the economy, and the environment."ĪMP will use this latest funding to scale its business operations to meet the robust market demand for its technology and develop innovative new AI product applications that integrate into materials recovery facilities to increase recycling rates for its customers. “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.
VALOR EQUITY PARTNERS SERIES
This new round of funding follows a $16 million Series A financing led by Sequoia Capital in November 2019. (“AMP”), a pioneer in artificial intelligence (AI) and robotics for the waste industry, has raised $55 million in corporate equity in a Series B financing, 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.
DENVER-( BUSINESS WIRE)-AMP Robotics Corp.
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