We’re excited to announce Sierra Ventures’ investment in EverestLabs’ oversubscribed Seed Round.
EverestLabs deploys computer vision and robotics solutions to pick valuable recyclables from conveyor belts at material recovery facilities (recycling plants).
Humans are increasingly producing more waste, while waste management companies face a severe labor shortage, high labor costs, and old infrastructure. Over 300,000 employees perform sorting tasks in waste management alone, resulting in $5B of labor costs in the US. Additionally, waste management companies are looking for technologies that enable them to meet new global recycling requirements, run their plants efficiently, and deliver quality recyclables to manufacturers. EverestLabs has developed a computer vision and robotic solution that help address all of these challenges.
We are excited about our investment in EverestLabs for many reasons. We were very impressed with the founders Jagadeesh (JD) Ambati and Pratik Khadloya, who have the technical ability and innate drive to create an industry-leading robotic sorting solution for the waste management industry. They have been able to sign large customers in the early stages of their business to validate product fit and an understanding of the market.
EverestLabs robots have a differentiated technology that allows for deploying robots and computer vision solutions in a much smaller physical footprint. This makes retrofitting and installing robots and computer vision systems into existing environments much easier, faster, and more cost-effective compared to current systems that require extensive retrofitting. EverestLabs’ solutions are designed to deliver industry-leading efficiencies and are set at an attractive price-point.
Waste management companies struggle to staff sorter positions as the role requires employees to stand on their feet between 8-12 hours per day and the job can result in injuries and exposure to diseases and harsh environments. Robots provide an alternative for companies to adhere to recycling regulations and requirements without compromising the health and safety of their teams.
We’re glad to be partnering with co-investors on the deal including Xplorer Capital, Morado Ventures, and Benhamou Global Ventures.
With countries around the world committing to reduce their carbon footprint, it is the right time for solutions like EverestLabs. We are excited to be working with a great team addressing an important problem. Welcome to the Sierra Ventures family, EverestLabs!
Ben started his career as a System Architect working on advanced networking and wireless technologies at 3Com. Ben joined Sierra Ventures in 2000 and focuses on Emerging Technologies. Some of Ben’s prior investments include AutheTec (IPO; M&A – Apple $365M) and Invensense (IPO; M&A – TDK $1.3B). Ben holds a BE from University of Western Australia and MA and PhD degrees from Princeton University in Electrical Engineering. When he’s not working you can usually find him on the golf course.