Recycling Tech Firm Rake In Millions In Investment
With the world embracing sustainability, being environmentally friendly isn’t just en vogue, it’s profitable.
Denver-based AMP Robotics got a good idea of how much investors are willing to pour into promising endeavors that can help junk removal Orange County and waste removal, recycling and management across the world, as their Series A funding ended with a whopping total of $16mn.
Automation has been happening across different industries, and the recycling industry just happens to be a bit behind, so AMP’s timing is pretty much perfect. On top of that, the recent changes to China’s policies regarding recyclable materials and low unemployment have driven up costs at recycling facilities, with many government units either putting their recycling programs on hold or discarding them outright.
AMP uses a mix of computer vision, machine learning and robotic automation in order to improve the efficacy of their recycling process.
The Series A funding round was led by Sequoia Capital, with the funding total amounting to US$16mn of additional funds that AMP can use to boost its manufacturing capacity, improve growth, and refine its processes, allowing for greater distribution and commonness.
AMP CEO Matanya Horowitz says that the funding will be used in order to broaden the company’s operational scope. Beyond improving recycling by cutting down on costs, and upping the quality of recycled materials shipped out, AMP’s tech should be able to identify branded products and packaging, like Pepsi cans and Starbucks cups.
Why is this a good thing, you ask? Because this data can then be sent over to companies, so that they can use it to improve the longevity of their products life span, and make them work in the circular economy, something that many companies and investors are interested in.
Horowitz has stated that they’re looking to apply their mix of robotics, computer vision, and machine learning in other areas, like auto scrapping, and construction.
One of the key partners of AMP Robotics, Mike DeLucia, who was responsible for Sidewalk Infrastructure Partners’ investment into AMP, explained why the tech company was getting a lot of attention. He explains that AMP’s tech allows for physical assets and infrastructure to work more efficiently; operate better, faster, and with fewer mistakes, which means less waste and a better bottom line.
This technology could lead to infrastructure like junk removal Orange County getting huge boosts to their operational capacity, which could do a lot to pull the recycling industry out of its funk.