News

Check out market updates

AMP Robotics raises $91M in Series C funding round

LOUISVILLE — AMP Robotics Corp. has raised $91 million in a Series C equity funding round, with the company planning to scale its business while continuing international expansion.

AMP Robotics produces artificial-intelligence software and robotic equipment used to automate sorting of recyclable materials in waste streams.

The funding rounding was led by Congruent Ventures and Wellington Management, in addition to new and existing investors Blue Earth Capital, Sidewalk Infrastructure Partners, Tao Capital Partners, XN, Sequoia Capital, GV, Range Ventures and Valor Equity Partners.

The Series C round followed a $55 million Series B financing led by XN in January 2021 and a Series A round of $14.65 million completed in November 2019. AMP Robotics has now raised more than $160 million.

“Advancements in robotics and automation are accelerating the transformation of traditional infrastructure, and AMP is seeking to reshape the waste and recycling industries,” Michael DeLucia, sector lead for Climate Investing, Wellington Management, said in a written statement. “By bringing digital intelligence to the recycling industry, AMP can sort waste streams and extract additional value beyond what is otherwise possible.”

AMP Robotics expects to use the new capital to enhance manufacturing capacity to support a fleet of approximately 275 robots around the world and further AMP’s ongoing development of AI-enabled automation applications for recycling, including AMP Vortex, which allows for recovery of film and flexible packaging, the company said.

“Our focus from the outset has been our application of AI-powered automation to economically and sustainably improve our global recycling system,” Matanya Horowitz, founder and CEO of AMP Robotics, said in a written statement. “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 operates three production facilities, including in the Atlanta and Cleveland metropolitan areas. The Louisville City Council in August 2021 unanimously approved a series of incentives for the company to consolidate its Broomfield and Louisville operations to 1875 Taylor Ave. in Louisville.

The company employs about 300 workers, up from about 90 at the beginning of 2021.

Source: BizWest

Leave a Reply

Your email address will not be published. Required fields are marked *

X