Waste Robotics, a Canadian company founded in 2016, has secured CAD 10 million (approximately $7 million) in funding from Mirova, an affiliate of Natixis Investment Managers specializing in sustainable finance that backed Nuventura and Driveco, and Fondaction.
The company specialises in intelligent waste sorting using technology like waste recognition, deep-learning algorithms, and robotics. Their goal is to enhance recycling center operations, improve safety, and boost profitability in handling reusable materials. Waste Robotics plans to use AI to make sorting centers more autonomous, addressing labor shortages in the waste management sector.
The investment will support their expansion in Europe, including France, the UK, and North America. Experts predict a 70% increase in global waste production by 2050, making efficient sorting crucial. Sorting robots are expected to play a significant role in addressing these challenges, with the market projected to grow at an annual rate of 19.6% between 2022 and 2031, reaching around $10 billion by 2031. Keira Capital facilitated this funding round, following 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.”
Jean Desmarais, 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.”