EverestLabs, a Fremont, CA-based developer of RecycleOS℠, an AI-enabled operating system for recycling, raised $16.1 million in Series A funding.
The round was 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.
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 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 Jagadeesh Ambati, founder and CEO of EverestLabs. “This funding will enable us to continue investing in our technology and our employees to support global customers.”
Kaz Kikuchi of Translink Capital will join EverestLabs’ board as part of this funding round.
Company: EverestLabs.AI
Raised: $16.1M
Round: Series A
Funding Month: September 2022
Lead Investors: Translink Capital
Additional Investors: NEC Orchestrating Future Fund
Company Website: https://www.everestlabs.ai/
Software Category: AI software and Robotics Solution for Recycling
About the Company: EverestLabs is a climate tech company and the developer of RecycleOS℠, the only full-stack enterprise AI software and robotics solution for recycling plants, CPG companies, and packaging manufacturers to achieve decarbonization. EverestLabs solutions are deployed by leading materials recovery companies and increase the recovery of recyclables at recycling plants (material recovery facilities) and enable CPG companies and packaging manufacturers to exceed their ESG, EPR, and recycled content goals. EverestLabs is funded by leading American, Canadian, and Japanese venture funds.
Source:https://www.globenewswire.com/news-release/2022/09/28/2524368/0/en/EverestLabs-Raises-16-1M-to-Transform-the-Recycling-Industry-with-AI-and-Automation.html