TMCnet News
EverestLabs Raises $16.1M to Transform the Recycling Industry with AI and AutomationFREMONT, Calif., Sept. 28, 2022 (GLOBE NEWSWIRE) -- EverestLabs, developer of RecycleOS?, the first AI-enabled operating system for recycling, raised $16.1M in Series A funding led by Translink Capital and joined by NEC Orchestrating Future Fund and existing investors BGV, Sierra Ventures, Morado Ventures, and Xplorer Capital. The funding enables the company to invest in its scaling and go-to-market capabilities, including further commercialization activities that build on its AI-powered RecycleOS? operating system, robotics, and unique end-of-arm tools. As part of this funding round, Kaz Kikuchi of Translink Capital will join EverestLabs’ board. “The materials recovery facility (MRF) industry represents a major market with a $9B opportunity in the U.S. alone, yet MRFs are losing billions in missed revenue from recyclables that end up in landfills or that could have been sold in bales to manufacturers,” said Kaz Kikuchi, principal of Translink Capital. “EverestLabs’ AI-enabled RecycleOS? solution has proven that it is uniquely positioned to solve this challenge, significantly improving MRFs’ operational efficiency and cost savings, and alleviating labor shortage issues — all of which are critical as the recycling industry continues to evolve and play a key role in the future of global sustainability and the circular economy. We are thrilled to support EverestLabs’ mission and vision to transform the recycling industry through innovative technologies.” Recent socioeconomic issues are further driving investments in AI & robotics to enable better material recovery within MRFs, including international policies such as China’s National Sword policy that mandates minimal contamination in recyclables, ever-changing national and state policies, high turnover in sorting jobs amplified by COVID related issues, and brand and packaging company commtments, in light of climate change concerns, to minimum recycled content goals in new packaging by 2025. EverestLabs’ value proposition has been validated by public companies, private companies, and local cities in the U.S., including North America’s largest MRF, Sims Municipal Recycling Sunset Park in Brooklyn, New York. “EverestLabs’ mission to improve performance in our industry is welcome, and we are excited to see what the company will achieve,” said Tom Outerbridge, president of Sims Municipal Recycling. “Since installing four EverestLabs robotic cells in our commingled recycling facility — the largest in North America — in spring 2022, we’ve seen cost savings and improved materials recovery within a short period. We look forward to continuing work with EverestLabs to expand our investments in the coming months.” EverestLabs built RecycleOS? from the ground up to target recovery and decarbonization challenges. RecycleOS? is the only full-stack enterprise AI software and automation solution for recycling plants, CPG companies, and packaging manufacturers that increases the recovery of recyclables by 2-4X more than manual processes and at a 3-4X cheaper rate than traditional solutions. EverestLabs’ RecycleOS?-powered robotic cells deliver the highest recovery of recyclables in the smallest footprint with greater than 90% efficacy. RecycleOS? provides daily actionable data, enabling MRFs to confidently make strategic decisions about operations. Further, RecycleOS? makes the tracking of Environmental, Social, and Governance (ESG) and Extended Producer Responsibility (EPR) an asset for every company in our ecosystem. “It is exciting to see EverestLabs graduate from the BGV seed program and bring state-of-the-art AI software to improve the efficiency of the materials recycling industry,” said Ron Sege, partner at Benhamou Global Ventures. “The team at the company has already made an impact on the circular economy by demonstrating that significantly more reusable material can be recovered at lower cost and with increased safety.” “EverestLabs is thankful to our customers, investors, and employees for believing in our mission and sharing our vision to achieve the decarbonization of packaging by empowering MRF operators, the unsung heroes of recycling,” said JD Ambati, founder and CEO of EverestLabs. “This funding will enable us to continue investing in our technology and our employees to support global customers.” To learn more about EverestLabs visit https://www.everestlabs.ai. About EverestLabs Media Contact 
|