AMP Robotics Corp., a Denver, CO-based leader in AI (AI) and robotics for the waste industry, raised $55m in corporate equity during a Series B financing.
The round, which follows a $16m Series A financing led by Sequoia Capital in November 2019, was led by XN with participation from new investors Valor Equity Partners and GV also as existing investors Sequoia, Sidewalk Infrastructure Partners, Congruent Ventures, and closed-loop system Partners.
The company intends to use the funds to scale its business operations and expand its business reach as it works with consumer packaged goods (CPG) companies, like Keurig Dr Pepper (NASDAQ: KDP).
Led by Matanya Horowitz, founder and CEO, AMP Robotics applies AI and robotics to extend 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 spot materials and their recyclability. Neuron then guides robots to select and place the material to be recycled. With deployments across North America, Asia, and Europe, the technology recovers recyclables from municipal waste, precious commodities from electronic waste, and high-value materials from construction and demolition debris.