Waste Robotics, a Canadian tech company founded in 2016, has achieved a remarkable milestone in the ever-growing pursuit of sustainable solutions. They've secured CAD 10 million (approx. $7 million) in funding from Mirova, an affiliate of Natixis Investment Managers specializing in sustainable finance and known for backing transformative ventures like Nuventura and Driveco, along with Fondaction. Waste Robotics specializes in the intelligent sorting of waste, harnessing cutting-edge technology such as waste recognition, deep-learning algorithms, and robotics. Their mission? To elevate recycling center operations, enhance safety, and drive profitability by efficiently managing reusable materials. With a vision to bring autonomy to sorting centers and address labor shortages in the waste management sector, Waste Robotics is poised to revolutionize the industry.
Waste Robotics envisions a future where artificial intelligence (AI) takes the reins in sorting centers, optimizing processes and outcomes. Their groundbreaking work couldn't come at a more critical time. Experts predict a staggering 70% increase in global waste production by 2050, underscoring the urgency for efficient waste sorting. Here, sorting robots shine, with the market poised for explosive growth—an anticipated annual rate of 19.6% between 2022 and 2031, reaching a substantial $10 billion by 2031.
The recent investment will fuel Waste Robotics' expansion, with a strong focus on Europe, encompassing countries like France, the UK, and North America. This strategic move aligns with their mission to drive sustainable change on a global scale.
Eric Camirand, CEO of Waste Robotics, "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, underscores the alignment of Waste Robotics' mission with Mirova's commitment to environmentally positive solutions. "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, emphasizes the pivotal role of Waste Robotics' innovations in improving material sorting quality and recycling/sorting center efficiency. This translates to reduced landfill waste and enhanced circularity, echoing Fondaction's dedication to impactful initiatives. "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."
Jean Desmarais, Managing Partner at Keira Capital, commends their role in supporting Waste Robotics. "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."
