Sortera Technologies, an innovative company specializing in material sorting with an AI-driven recycling platform, has successfully concluded a Series C funding round, raising $30.5 million. This funding round was led by RA Capital Management-Planetary Health and involved participation from T. Rowe Price Associates, Inc., the Mineral Resources Group of Mitsubishi Corporation’s Business Incubation Unit, and Macquarie GIG Energy Transition Solutions, among others.
The funds will further fuel Sortera’s expansion within the upcycling sector, contributing to a more sustainable future.
Founded just two and a half years ago, Sortera has demonstrated the efficacy of its technology platform in accurately and rapidly sorting pre-production aluminum and end-of-life mixed metals. The company’s full-scale facility in Markle, Indiana, is in the process of being commissioned to sort up to 220 million pounds of mixed metals annually.
By sorting mixed metals into single alloy streams, Sortera enhances the use of recycled materials in manufacturing, reduces metals production costs, increases the availability of metals for domestic manufacturers, and mitigates pollution and greenhouse gas emissions associated with virgin metals production. The resulting high-quality upcycled materials will be reintroduced to the U.S. market, contributing significantly to the circular economy and domestic resource security.
Sortera’s Series C funding will support the company’s North American operations expansion and accelerate its growth in the metals and recycling markets, which collectively amount to over $1 trillion. The company has also established a research and development facility in Austin, Texas, focused on enhancing its advanced sorting platform using AI and advanced sensors. Sortera aims to create a network of cutting-edge sorting and processing facilities, tapping into domestic feedstocks that were traditionally sent overseas for recycling into lower-grade materials.
Michael Siemer, CEO of Sortera Technologies, expressed appreciation for the backing from notable investors, emphasizing their belief in the potential of the technology platform: “This funding round affirms our contributions towards global sustainable efforts and will be used to scale our operations to commercialization, grow our team, and, most importantly, continue to provide high-quality upcycled metal materials to our customer base.”
Sortera’s innovative application of AI is revolutionizing the recycling industry, making it more sustainable, efficient, and automated. The company is well-poised to advance its impact on the sector by expanding into additional materials and industrial applications.
Kyle Teamey, Managing Partner of Planetary Health at RA Capital Management, highlighted the significance of Sortera’s technology in the context of renewable energy and electric vehicles, stating, “Sortera enables the transition to a cleaner, more productive economy while also providing an economic boon to metal producers.”
Sortera’s operations align with the global push for sustainability, making strides in transforming the recycling industry while fostering a circular economy. The company’s Markle facility is expected to be fully operational in 2023, increasing its processing capacity to 220 million lbs. of mixed aluminum scrap annually. This move will significantly reduce the need for overseas processing of such materials and contribute to lowering overall CO₂ emissions. Sortera’s commitment to innovation positions it as a key player in advancing recycling practices and creating a more sustainable future.
