A Limerick-based start-up has attracted €5.2m in a funding round that will see the company develop pay-as-you-throw systems that are on their way to becoming a global standard.
The investment in AMCS is being led by UK-based clean tech fund WHEB Ventures and the Ulster Bank Diageo Venture Fund, managed by NCB Ventures in Dublin.
Pay-as-you-throw technology, which has been used in Ireland for a number of years, is set to become a new global standard to reduce the amount of waste going to landfill and to encourage more recycling.
AMCS has developed a complete end-to-end software and hardware turnkey system for the delivery of weighing and identification solutions to the waste and recycling industry. The solutions facilitate variable weight-related charging and incentives.
AMCS’s technology can also enhance the profitability of waste and recycling management operators through the optimisation of collection routes.
“This is very good news for AMCS,” said AMCS chief executive Jimmy Martin, who added that the investment will finance the company’s global expansion and support new product development.
“We currently employ 50 highly skilled engineers and technologists in Limerick, and the new investment will see an increase in our overall workforce to over 100 people by 2010.
“This investment by WHEB Ventures and the Ulster Bank Diageo Venture Fund gives us the capital base to execute our business plan, and will enable us to enter new overseas markets and to further develop our product range.
“In 2008, some 28pc of our turnover came from export markets across Europe and the US. Aided by this investment, we expect that figure to increase to 68pc this year,” said Martin.
By John Kennedy