Sortera Technologies, a Markle, IN-based material sorting company, raised $30.5M Series C funding.
The round was led by RA Capital Management-Planetary Health with participation from T. Rowe Price Associates, the Mineral Resources Group, which is a part of Mitsubishi Corporation’s Business Incubation Unit, and Macquarie GIG Energy Transition Solutions (“MGETS”). Additional existing investors included Assembly Ventures, Breakthrough Energy Ventures, and Chrysalix.
The company intends to use the funds to expand operations in North America and accelerate growth in the more than $1 trillion metals and recycling markets.
Led by CEO Michael Siemer, Sortera Technologies brings artificial intelligence data analytics to the recycling industry. In two and a half years of operations, the company has demonstrated that its technology platform can handle complex sorting of pre-production aluminum and end-of-life mixed metals. Its first full-scale facility, located in Markle, Indiana, is currently being commissioned to sort up to 220 million pounds of mixed metals per year. The plant is expected to be fully operational in 2023.
By sorting mixed metals into single alloy streams, Sortera enables use of recycled material in manufacturing, lowers the costs of metals production, increases the availability of metals for domestic manufacturers, and reduces pollution and greenhouse gas emissions associated with virgin metals production. The resulting upcycled materials from Sortera’s operation will be put back into the U.S. market, representing a contribution to the circular economy movement and to the security of domestic resources.
Sortera recently established an R&D facility in Austin, Texas, to focus on advancing its sorting platform that uses advanced sensors and artificial intelligence.