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Waste Robotics has brought in CAD $10 million in funding, around USD $7.3 million. The company hopes to use the investment to accelerate the commercial development of its autonomous sorting system for waste sorting centers.
Mirova, a management company that invests in companies that have a social or environmental impact, and Fondaction, a Canadian company that invests in local SMEs, participated in the funding round. Waste Robotics hopes that in addition to accelerating its commercial development, it can also use the funding to strengthen its presence in Europe, particularly in France and the UK, and in North America.
“Our common desire to contribute positively to the transformation of the waste treatment industry is at the origin of the creation of Waste Robotics,” Eric Camirand, CEO of Waste Robotics, said. “Now, thanks to the support of our key financial partners, Mirova and Fondaction, Waste Robotics can fully enter a new crucial phase, that of export in several key geographies.”
Waste Robotics was founded in 2016 and is based in Trois-Riviéres in Québec, Canada. The company brings together waste recognition technology, deep learning algorithms, and robotic technologies to enable recycling centers to improve the quality of sorted flows and increase safety and profitability in their management of reusable materials.
The company aims to make sorting centers autonomous with AI technologies and to contribute to upgrading the work of sorters, who will move towards less dangerous, higher value-added tasks.
“Waste Robotics, through its innovations, improves the quality of sorted material and the efficiency of recycling/sorting inputs, which has a direct impact on reducing landfilled waste and improving circularity. It is with great satisfaction that we continue our commitment to it in the company of a partner, Mirova, with whom we share several collaborations and above all impact values,” Claire Bisson, deputy head of impact and sustainable investments at Fondaction, said.
Keira Capital acted as a broker for Waste Robotics during this funding round, which follows a CAD $5 million investment by Fondaction and Founds LCC in March 2021.