AMP, a Louisville, CO-based provider of AI-powered sortation at scale for the waste and recycling industry, raised $91M in Series D funding.
The round was led by Congruent Ventures, with participation from Sequoia Capital, XN, Blue Earth Capital, Liberty Mutual Investments, California State Teachers Retirement System (CalSTRS), Wellington Management, Range Ventures, and Tao Capital Partners.
The company intends to use the funds to accelerate the deployment of its AMP ONE™ systems, which are capable of sorting municipal solid waste (MSW), as demonstrated by the system AMP operates in Portsmouth, Virginia.
Founded by Matanya Horowitz, AMP leverages deep learning to continuously train itself by processing millions of material images into data. The software uses pattern recognition of colors, textures, shapes, sizes, and logos to identify recyclables and contaminants in real time, enabling new offtake chemistries and capabilities. Its first products were a series of sorting robots deployed with minimal retrofit into existing recycling facilities. The company then provided a series of new transformative recycling facilities. With near-zero manual sorting, unprecedented reliability, and pervasive data, these facilities make the recovery of commodities safer and more cost-effective than ever and have grown to encompass MSW sorting, an offering out of reach to the industry prior to the advent of AMP’s technology.
With three full-scale facilities and more than 400 AI systems deployed across North America, Asia, and Europe, AMP’s technology platform has identified 150 billion items and guided the sortation of more than 2.5 million tons of recyclables.
FinSMEs
05/12/2024