2
min read
Sep 11, 2023
Waste Robotics, that develops and markets autonomous robots for sorting centers, announces that it has raised CAD 10 million from Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable finance, and Fondaction. This investment 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 engineers by training, Waste Robotics offers a solution for intelligent sorting by bringing together waste recognition technology, deep-learning algorithms and cutting-edge robotic technologies to enable recycling centers to improve the quality of sorted flows, gain in safety and profitability in their management of reusable materials. Thanks to its use of artificial intelligence, Waste
Robotics aims, in the long term, to make sorting centers virtually autonomous, at a time when the waste management sector is struggling to attract workers. The company's ambition is also to contribute to upgrading the work of sorters, who will move towards less dangerous, higher value-added tasks.
Waste Robotics' mission is all the more essential as waste production continues to rise worldwide. Experts estimate that it will rise by around 70% by 2050, to 3.4 billion tonnes1. Improving sorting processes and technologies is a major challenge at a time when 80% of the world's waste will still be landfilled or abandoned in 2020, and when developed countries are facing increasing regulatory pressure to take action in this area. The market for sorting robots, which is expected to grow at an average annual rate of 19.6% between 2022 and 2031, reaching around 10 billion US dollars in 2031, is therefore in a prime position to meet these multiple challenges.
Keira Capital acted as broker for Waste Robotics in this new capital injection, which follows a C$5 million investment by Fondaction and Fonds LCC in March 2021.
Eric Camirand, CEO of Waste Robotics, says: "Our shared desire to make a positive contribution to the transformation of the waste treatment industry is what led to the creation of Waste Robotics. Now, thanks to the support of our key financial partners, Mirova and Fondaction, Waste Robotics can move straight into a crucial new phase, that of exporting to several key geographies".
Joanna Parent, Investment Director at Mirova, adds: "Waste Robotics' activity is perfectly aligned with Mirova's mission, which since its inception has favored the development of innovative solutions with a positive impact on the environment. That's why we're delighted to support Waste Robotics in its development”.
Claire Bisson, Deputy Head of Impact and Sustainable Investments at Fondaction, welcomes this financial partnership: "Waste Robotics' innovations improve the quality of sorted material and the efficiency of recycling/sorting centers, which has a direct impact on reducing landfill waste and improving circularity. It is with great satisfaction that we continue our commitment to the firm alongside a partner,
Mirova, with whom we share several collaborations and, above all, impact values."
Jacques Drouin, Managing Partner at Keira Capital, comments: "Keira Capital is proud to have supported Waste Robotics in the completion of a major financing operation. The founders and dedicated team of Waste Robotics, supported by strong and experienced shareholders located on two continents, can now accelerate their efforts to implement their cutting-edge technology to significantly improve and reduce the environmental footprint of sorting recyclable raw materials".
