Amazon’s climate tech venture fund launched in 2020 with $2 billion to invest with companies developing potential solutions to its emissions reduction and environmental sustainability commitments. On Wednesday, it announced backing for its 25th venture, an early-stage, female-led San Francisco startup called Glacier that makes next-generation, AI-guided recycling robots.
The Climate Pledge Fund and New Enterprise Associates are notable funders for Glacier’s $7.7 million round, which brings the company’s total raised to $13 million. Other investors in this batch include AlleyCorp, Overture VC and VSC Ventures. Amazon’s participation marks the second investment for its Female Founder Initiative, a dedicated pool of $53 million.
Market revenue for recycling robots is forecast to reach more than $10 billion by 2030, as materials recovery facilities (MRFs) struggle with understaffing and the sheer volume of unique materials — nearly 300 million tons in 2018 for the U.S. alone — that they are expected to process.
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