EverestLabs Raises $16.1M to Transform the Recycling Industry with AI and Automation
Summary
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. Since installing four EverestLabs robotic cells in our commingled recycling facility the largest in North America in spring 2022, weve seen cost savings and improved materials recovery within a short period. 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.