Waste Robotics, a Canadian company specializing in the development of autonomous robots for sorting centers, has raised CAD 10 million in funding. The investment, led by Mirova and Fondaction, aims to accelerate the company’s commercial development and strengthen its presence in Europe, particularly in France, the UK, and North America.
Founded in 2016 by a team of engineers, Waste Robotics offers an intelligent sorting solution that combines waste recognition technology, deep-learning algorithms, and advanced robotic technologies. This innovative approach enables recycling centers to improve the quality of sorted flows, enhance safety, and increase profitability in managing reusable materials. By utilizing artificial intelligence, Waste Robotics ultimately aims to make sorting centers virtually autonomous, addressing the challenges faced by the waste management sector in attracting workers.
The company’s mission is crucial as global waste production continues to rise. It is estimated that waste will increase by approximately 70% by 2050, reaching 3.4 billion tonnes. With 80% of the world’s waste still being landfilled or abandoned by 2020, there is a pressing need to improve sorting processes and technologies. Developed countries are also facing increasing regulatory pressure to take action in this area. The sorting robot market, which is projected to grow at an average annual rate of 19.6% between 2022 and 2031, is well-positioned to address these challenges.
This latest funding round follows a previous investment of CAD 5 million by Fondaction and Fonds LCC in March 2021. Keira Capital acted as the broker for Waste Robotics in this capital injection. Eric Camirand, CEO of Waste Robotics, expressed his gratitude for the support from Mirova and Fondaction, stating that the company can now enter a crucial phase of exporting its technology to key geographies.
Mirova’s Investment Director, Joanna Parent, emphasized the alignment of Waste Robotics’ activity with Mirova’s mission of supporting innovative solutions with a positive impact on the environment. Claire Bisson, Deputy Head of Impact and Sustainable Investments at Fondaction, highlighted the improvements in quality and efficiency brought by Waste Robotics’ innovations, which directly contribute to reducing landfill waste and improving circularity.
With the backing of strong and experienced shareholders, Waste Robotics is well-positioned to implement its cutting-edge technology and significantly reduce the environmental footprint of sorting recyclable raw materials.
Sources: The World Bank, Statista, Allied Market Research