Recycling Tech Firm Attracting Investment From Venture Firms
The recycling industry is being seen by many as a potential treasure trove, with investments bolstering junk removal Orange County and across the world, particularly the US. AMP Robotics, a company with designs for recycling robots, knows this, as they recently got $16mn worth of investment.
The recycling industry has been in a funk thanks to China putting strict standards on the kind of raw materials that they would buy, which resulted in recycling costs skyrocketing, combined with low unemployment.
AMP’s technology utilizes a mix of computer vision, algorithms, machine learning, and automation in order to improve the efficiency of facilities.
Investment firm Sequoia Capital took notice and decided to take charge, leading AMP’s Series A investment round, which totaled to $16mn, which the company will be using to expand their manufacturing capabilities and help boost growth as it works to expand internationally.
Sequoia partner Shaun Maguire says that they’re excited to be working together with AMP because of how the company is changing the recycling, which has been looking for cost-saving alternatives and ways to boost revenue by acquiring higher-value recyclables, with repercussions for junk removal Orange County and across the US and the world, something, they say, AMP is leading at.
AMP CEO Matanya Horowitz says that the funding will do much to broaden the company’s scope, more than just cutting down on sorting costs and upping the quality of materials that recycling facilities ship out.
Horowitz says that this will also improve the company’s computer vision technology, which can identify branded packaging, which can, in turn, allow companies to improve the life cycle of their products. She says that building up AMP’s reporting capacity to help out companies get into the circular economy better is something that’s taken a lot of investor’s interests.
The CEO also notes that the combined use of robotics, machine learning, and computer vision can be used outside of the recycling industry, with AMP looking at different sectors where its mix of software and hardware will be useful. So far, there’s been a lot of interest in the auto scrap and construction waste sectors.