Waste Robotics, a Canadian company specializing in the development and marketing of autonomous robots for sorting centers, has secured CAD $10 million in funding from Mirova and Fondaction. The investment will fuel the company’s commercial growth and enhance its presence in Europe, particularly in France and the U.K., as well as in North America.
Founded in 2016, Waste Robotics offers an intelligent sorting solution that combines waste recognition technology, deep-learning algorithms, and robotic technologies to optimize recycling centers. By leveraging artificial intelligence, Waste Robotics aims to make sorting centers virtually autonomous. The company’s goal is to improve the quality of sorted materials, enhance safety, and increase profitability in the management of reusable materials.
With waste production projected to increase by approximately 70 percent by 2050, reaching 3.4 billion tonnes, there is a critical need to improve sorting processes and technologies. Currently, 80 percent of the world’s waste is either landfilled or abandoned, prompting regulatory pressure on developed countries to take action. Sorting robots present a significant opportunity to address these challenges.
This recent capital injection follows a CAD $5 million investment led by Fondaction and Fonds LCC in March 2021. Keira Capital facilitated the funding for Waste Robotics.
CEO of Waste Robotics, Eric Camirand, emphasizes the shared vision in transforming the waste treatment industry. He expresses gratitude for the support from Mirova and Fondaction, enabling Waste Robotics to enter a crucial phase of expansion into key global markets.
Mirova, as an investment firm focused on environmental impact, aligns well with Waste Robotics’ mission. Joanna Parent, investment director at Mirova, states their commitment to supporting innovative solutions that positively impact the environment, making Waste Robotics’ development an exciting prospect.
With this new investment, Waste Robotics is poised to enhance its contributions to the waste management industry, creating safer working environments for sorters while embracing the growing demand for sustainable waste solutions.
– [source article]