Artificial Intelligence: AI-Based Robotic Waste Recycler AMP Raises $91M
The company is a pioneer in AI, robotics, and infrastructure for the waste and recycling industry.
AMP Robotics Corp has announced a $91 million Series C round led by Congruent Ventures and Wellington Management as well as 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. The funds will be used for AMP’s international expansion as well as to scale up its operations. The company intends to enhance manufacturing capacity to support a fleet of approximately 275 robots around the world and advance its ongoing development of AI-enabled automation applications for recycling. (Businesswire)
AMP utilizes deep learning and computer vision to identify and recover plastics, cardboard, paper, cans, cartons, and many other containers and packaging types that can be reclaimed by it for use as raw materials.
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.
AMP has a lucrative business opportunity facing it: The recycling industry contributes nearly $117 billion to the U.S. economy, according to the Institute of Scrap Recycling Industries, and the industry processes 130 million metric tons of valuable commodities annually. The global waste and recycling services market is expected to grow considerably in the coming years amid heightened consumer concern about the environmental impacts of waste.
Plastics that are land-filled instead of being recycled caused a loss of about $7.2 billion to the U.S. economy. Furthermore, the recovery of U.S. plastic packaging and food-service plastic alone could represent a pool of earnings before interest, tax, depreciation, and amortization (EBITDA) of $2 billion to $4 billion per year.
“AMP’s technology is rewriting the economics of recycling, marrying purpose with profit for our recycling partners,” said Abe Yokell, co-founder and managing partner of Congruent Ventures, which led the current fundraise.
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