AMP Robotics Corp (AMP), a developer of artificial intelligence (AI), robotics and infrastructure technology for the waste and recycling industry, has raised US$91m (£81.3m) in a Series C loan.
The financing was led by equity firms by Congruent Ventures and Wellington Management, with others including Blue Earth Capital, Sidewalk Infrastructure Partners, Tao Capital Partners, XN, Sequoia Capital, GV, Range Ventures and Valor Equity Partners.
This new round follows a US$55m (£49.1m) Series B loan obtained in January 2021 and led by XN.
“From the very beginning we have focused on applying AI-based automation to improve the cost-effectiveness and sustainability of our global recycling system,” said Matanya Horowitz, founder and CEO of AMP Robotics.
“Along the way we have been fortunate to attract a passionate team, loyal customers and future-oriented investors.
“With this new financing, we will speed up the effort to modernise and expand our recycling infrastructure, contributing to the path of society towards a circular economy.”
AMP has said it will use this recent funding to expand commercial operations as part of international expansion plans, saying demand for robotics recycling infrastructure is continuously growing from customers attempting to meet sustainability goals.
As a result of recent financing, the company’s core technology business has reportedly expanded, with the new capital set to improve manufacturing capacity and support a fleet of approximately 275 robots worldwide.
