Monday July 13, 2020 0 comments
DENVER -- Forbes has named AMP Robotics Corp. one of America’s most promising AI companies.
The publication’s annual “AI 50” list distinguishes private, U.S.-based companies that are wielding some subset of artificial intelligence in a meaningful way and demonstrating real business potential from doing so.
To be included on the list, companies needed to show that techniques like machine learning, natural language processing, or computer vision are a core part of their business model and future success.
“Earlier this year, we notched a milestone of ‘one billion picks’ over 12 months that demonstrates the productivity, precision, and reliability of our AI application for the recycling industry. It’s an honor to be deemed one of the country’s most promising AI companies, and we’re just getting started,” said Matanya Horowitz, AMP founder and CEO.
“There’s growing appreciation for the role of recycling in the domestic supply chain, in terms of keeping resources flowing and products on shelves, and resultant momentum around supportive policy initiatives that are putting some real wind in the sail for the industry.
“We’re pleased to play a role in enabling better efficiency, safety, and transparency to help transform recycling.”
AMP’s technology recovers plastics, cardboard, paper, metals, cartons, cups, and many other recyclables that are reclaimed for raw material processing.
AMP’s AI platform uses computer vision to visually identify different types of materials with high accuracy, then guides high-speed robots to pick out and recover recyclables at superhuman speeds for extended periods of time.
The AI platform transforms images into data to recognize patterns, using machine learning to train itself by processing millions of material images within an ever-expanding neural network of robotic installations.
“We consider AMP a category-defining business and believe its artificial intelligence and robotics technology are poised to solve many of the central challenges of recycling,” said Shaun Maguire, partner at Sequoia Capital and AMP board member.
“The opportunity for modernization in the industry is robust as the demand for recycled materials continues to swell, from consumers and the growing circular economy.”
AMP’s “AI 50” recognition comes on the heels of receiving a 2020 RBR50 Innovation Award from Robotics Business Review for the company’s Cortex Dual-Robot System. Earlier this year, Fast Company named AMP to its "World's Most Innovative Companies" list for 2020, and the company captured a "Rising Star" Company of the Year Award in the 2020 Global Cleantech 100.
Since its Series A fundraising in November, AMP has been on a major growth trajectory as it scales its business to meet demand. The company announced a 50% increase in revenue in the first quarter of 2020, a rapidly growing project pipeline, a facility expansion in its Colorado headquarters, and a new lease program that makes its AI and robotics technology even more attainable for recycling businesses.