US-based waste recycling robot producer AMP Robotics secured $55m on Monday in a series B round featuring GV, a corporate venture capital subsidiary of internet and technology group Alphabet.
Hedge fund XN led the round, which included the Alphabet-backed Sidewalk Infrastructure Partners (SIP), University of California’s Congruent Ventures fund, Valor Equity Partners, Sequoia Capital and Closed Loop Partners.
Formerly known as Cognitive Robotics, AMP was founded in 2015 and produces robotics systems that can automatically identify and sort recyclable waste.
The company has created an artificial intelligence (AI)-powered platform that can train itself by identifying different shapes, colours and even brand labels. The software can then guide AMP’s robots to collect and deposit the correct recyclable materials.
AMP will use the new funding to scale up its business operations and develop new AI product applications. It collected $3.2m of funding from undisclosed investors in late 2017, according to a regulatory filing.
Sequoia led a $16m series A round for the company in late 2019 that also featured SIP, Congruent Ventures, BV Investment Partners and Closed Loop Partners.
Baidu Ventures, a corporate venturing vehicle for internet group Baidu, has listed AMP as a portfolio company on its website.
AMP Robotics founder and CEO Matanya Horowitz said: “We are putting this next round of investment to work immediately to create novel technology for the waste industry and meaningfully contribute to reducing society’s impact on the environment.”