14 November 2019, India:
Robotics firm AMP Robotics Raises $16 Million Series A round of funding. The funding round was led by Sequoia Capital. Existing investors also participated in the funding round.
As part of funding, Shaun Maguire of Sequoia will join AMP’s board of directors.
The company will use the fresh capital for further scale operations and develop new AI products that help improve the economics of recycling.
Shaun Maguire, partner at Sequoia, said, “We are excited to partner with AMP because their technology is changing the economics of the recycling industry. Over the last few years, the industry has had their margins squeezed by labor shortages and low commodity prices.”
Shaun Maguire, added, “The end result is an industry proactively searching for cost-saving alternatives and added opportunities to increase revenue by capturing more high-value recyclables, and AMP is emerging as the leading solution.”
Matanya Horowitz, founder and chief executive officer at AMP, said, “Our new partners at Sequoia have a history of building category defining businesses, and we are deeply excited to be executing on this vision with their experience, along with our existing world-class consortium of investors.”
Matanya Horowitz, added, “We are perfectly positioned to expand the scope of our technology and the geographies where we do business, furthering our mission to change the fundamental economics of recycling and help make the circular economy possible.”
Mike Delucia, the principal at SIP who led the investment in AMP for both SIP and Sidewalk Labs, said, “Our team is proud to have backed AMP since its very earliest stages in the seed round through Sidewalk Labs, and we are thrilled to make AMP Sidewalk Infrastructure Partners’ first investment, and to help AMP scale rapidly, because we believe that their proprietary technology will fundamentally transform the infrastructure of recycling to make it both more economic and more sustainable.”
Abe Yokell, AMP Board member and Managing Partner at Congruent Ventures, said, “We believe that AMP’s artificial intelligence and robotics technology are poised to solve many of the central challenges of recycling, not only in the United States, but around the world. The opportunity for modernization is high as the demand for recycled materials continues to climb from consumers and the growing circular economy.”
(Image – AMP Robotics)