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Nov. 2 (UPI) -- A Denver-based robotics company said it secured more than $90 million in financing that it believes will support advancements in the recycling of stubborn plastic materials. AMP Robotics Corp., a company specializing in artificial intelligence and robotics in the waste and recycling industry, secured $91 million in financing from a series of venture partners that builds on the $55 million it received in similar support early last year.
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AMP said the financing would support a fleet of some 275 robots that would help with its automated processes of recycling. This includes technology for the recycling of film and flexible packaging.
"We've been fortunate to attract a passionate team, loyal customers, and visionary investors along the way," said Matanya Horowitz, the founder and CEO of AMP Robotics. "With this new funding, we'll accelerate our efforts to modernize and expand our recycling infrastructure, aiding society's path to a circular economy."
AMP pointed to federal estimates that show only about 5% of the total plastics in the waste stream get recycled. Recovering that could yield earnings of at least $2 billion, the company estimated. It uses its proprietary AI technology to identify and recover everything from cans to plastics and cardboard that can be pulled out of the waste stream for later use.
"The company resells these commodities, including bespoke chemical and polymer blends needed by processors and manufacturers, to end-market buyers," it stated.
The announcement follows a report from Greenpeace that found the amount of plastic that winds up in the landfills in the United States works out to be about 300 pounds per person on average.
The advocacy group finds this isn't so much a problem of improper disposal as it is the type of plastic. Only a few types of plastic are recyclable. The rest are considered "economically impossible to recycle," though AMP believes it can recycle those with support from its AI technology.
