Recycling robotics company AMP Robotics could raise up to $70M

AMP Robotics, the recycling robotics technology developer backed by investors including Sequoia Capital and Sidewalk Infrastructure Partners, is close to closing on as much as $70 million in new financing, according to multiple sources with knowledge of the company’s plans.

The new financing speaks to AMP Robotics’ continued success in pilot projects and with new partnerships that are exponentially expanding the company’s deployments.

Earlier this month the company announced a new deal that represented its largest purchase order for its trash sorting and recycling robots.

That order, for 24 machine learning-enabled robotic recycling systems with the waste handling company Waste Connections, was a showcase for the efficacy of the company’s recycling technology.

That comes on the back of a pilot program earlier in the year with one Toronto apartment complex, where the complex’s tenants were able to opt into a program that would share recycling habits monitored by AMP Robotics with the building’s renters in an effort to improve their recycling behavior.

The potential benefits of AMP Robotic’s machine learning enabled robots are undeniable. The company’s technology can sort waste streams in ways that traditional systems never could and at a cost that’s far lower than most waste handling facilities.

As TechCrunch reported earlier the tech can tell the difference between high-density polyethylene and polyethylene terephthalate, low-density polyethylene, polypropylene and polystyrene. The robots can also sort for color, clarity, opacity and shapes like lids, tubs, clamshells and cups — the robots can even identify the brands on packaging.

AMP’s robots already have been deployed in North America, Asia and Europe, with recent installations in Spain and across the U.S. in California, Colorado, Florida, Minnesota, Michigan, New York, Texas, Virginia and Wisconsin.

At the beginning of the year, AMP Robotics  worked with its investor, Sidewalk Labs on a pilot program that provided residents of a single apartment building representing 250 units in Toronto with detailed information about their recycling habits. Sidewalk Labs is transporting the waste to a Canada Fibers material recovery facility where trash is sorted by both Canada Fibers employees and AMP Robotics.

Once the waste is categorized, sorted and recorded, Sidewalk communicates with residents of the building about how they’re doing in their recycling efforts.

It was only last November that the Denver-based AMP Robotics raised a $16 million round from Sequoia Capital and others to finance the early commercialization of its technology.

 

As TechCrunch reported at the time, recycling businesses used to be able to rely on China to buy up any waste stream (no matter the quality of the material). However, about two years ago, China decided it would no longer serve as the world’s garbage dump and put strict standards in place for the kinds of raw materials it would be willing to receive from other countries.

The result has been higher costs at recycling facilities, which actually are now required to sort their garbage more effectively. At the time, unemployment rates put the squeeze on labor availability at facilities where trash was sorted. Over the past year, the COVID-19 pandemic has put even more pressure on those recycling and waste handling facilities, despite their identification as “essential workers”.

Given the economic reality, recyclers are turning to AMP’s technology — a combination of computer vision, machine learning and robotic automation to improve efficiencies at their facilities.

And, the power of AMP’s technology to identify waste products in a stream has other benefits, according to chief executive Matanya Horowitz.

“We can identify… whether it’s a Coke or Pepsi can or a Starbucks cup,” Horowitz told TechCrunch last year. “So that people can help design their product for circularity… we’re building out our reporting capabilities and that, to them, is something that is of high interest.”

AMP Robotics declined to comment for this article.

 

#amp, #amps, #articles, #asia, #california, #china, #colorado, #denver, #europe, #florida, #machine-learning, #materials, #matter, #michigan, #minnesota, #new-york, #north-america, #pepsi, #recycling, #robot, #robotics, #sequoia-capital, #sidewalk-infrastructure-partners, #sidewalk-labs, #spain, #starbucks, #tc, #texas, #toronto, #united-states, #virginia, #water-conservation, #wisconsin

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Why Are States Imposing Coronavirus Curfews?

State and city leaders are trying to slow the spread of the coronavirus without full lockdowns. But whether curfews will help remains unclear.

#bars-and-nightclubs, #colorado, #coronavirus-2019-ncov, #coronavirus-risks-and-safety-concerns, #curfews, #massachusetts, #new-york-state, #ohio, #pueblo-colo, #restaurants, #shutdowns-institutional

0

Fugitive Arrested After Remains of 3 People Are Found in Colorado

Adre Jordan Baroz, who goes by the nickname Psycho, faces charges of homicide, assault and kidnapping, according to the Colorado Bureau of Investigation.

#baroz-adre-jordan, #colorado, #crime-and-criminals, #gallup-nm, #los-sauces-colo, #murders-attempted-murders-and-homicides

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Manhunt in Colorado After Remains of 3 People Are Found

The authorities said they had obtained a homicide warrant for Adre Jordan Baroz, who is known by the nickname Psycho, after discovering the remains in a rural hamlet near the New Mexico border.

#baroz-adre-jordan, #colorado, #crime-and-criminals, #los-sauces-co, #murders-attempted-murders-and-homicides, #search-and-seizure

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Sequoia-backed recycling robot maker AMP Robotics gets its largest purchase order

AMP Robotics, the manufacturer of robotic recycling systems, has received its largest purchase order from the publicly traded North American waste handling company, Waste Connections.

The order, for 24 machine learning enabled robotic recycling systems, will be used on container, fiber and residue lines across numerous materials recovery facilities, the company said.

The AMP technology can be used to recover plastics, cardboard, paper, cans, cartons and many other containers and packaging types reclaimed for raw material processing.

The tech can tell the difference between high-density polyethylene and polyethylene terephthalate, low-density polyethylene, polypropylene, and polystyrene. The robots can also sort for color, clarity, opacity and shapes like lids, tubs, clamshells, and cups — the robots can even identify the brands on packaging.

So far, AMP’s robots have been deployed in North America, Asia, and Europe with recent installations in Spain, and across the US in California, Colorado, Florida, Minnesota, Michigan, New York, Texas, Virginia and Wisconsin.

In January, before the pandemic began, AMP Robotics worked with its investor, Sidewalk Labs on a pilot program that would provide residents of a single apartment building representing 250 units in Toronto with detailed information about their recycling habits.

Working with the building and a waste hauler, Sidewalk Labs  would transport the waste to a Canada Fibers material recovery facility where trash will be sorted by both Canada Fibers employees and AMP Robotics. Once the waste is categorized, sorted, and recorded Sidewalk will communicate with residents of the building about how they’re doing in their recycling efforts.

Sidewalk says that the tips will be communicated through email, an online portal, and signage throughout the building every two weeks over a three-month period.

For residents, it was an opportunity to have a better handle on what they can and can’t recycle and Sidewalk Labs is betting that the information will help residents improve their habits. And for folks who don’t want their trash to be monitored and sorted, they could opt out of the program.

Recyclers like Waste Connections should welcome the commercialization of robots tackling industry problems. Their once-stable business has been turned on its head by trade wars and low unemployment. About two years ago, China decided it would no longer serve as the world’s garbage dump and put strict standards in place for the kinds of raw materials it would be willing to receive from other countries. The result has been higher costs at recycling facilities, which actually are now required to sort their garbage more effectively.

At the same time, low unemployment rates are putting the squeeze on labor availability at facilities where humans are basically required to hand-sort garbage into recyclable materials and trash.

AMP Robotics is backed by Sequoia Capital,  BV, Closed Loop Partners, Congruent Ventures  and Sidewalk Infrastructure Partners, a spin-out from Alphabet that invests in technologies and new infrastructure projects.

#alphabet, #amp-robotics, #amps, #articles, #asia, #california, #china, #colorado, #congruent-ventures, #energy-conservation, #europe, #florida, #machine-learning, #materials, #matter, #michigan, #minnesota, #new-york, #north-america, #plastics, #recycling, #robot, #robotics, #sequoia-capital, #sidewalk-infrastructure-partners, #spain, #tc, #texas, #toronto, #united-states, #virginia, #water-conservation, #wisconsin

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Moon exporation startup ispace opens new U.S. office and hires SpaceX to lead development of next lander

Japanese startup ispace, which is developing lander technology to support exploration of the Moon, is opening an office in Denver, the company announced today. The Colorado location was chosen because of its access to local aerospace engineering talent, and the plan is for the company to quickly staff up a full local engineering team. ispace also announced that it has hired Kursten O’Neill, a seven year SpaceX vet, who will oversee development of ispace’s next-generation lunar lander craft.

The U.S. expansion comes as ispace looks to work more closely together with NASA, both through its Commercial Lunar Payload Services (CLPS) program, where ispace is currently partnering with U.S.-based space specialist Draper on its bid to provide lunar lander transportation services for the agency. ispace also hopes to leverage its international footprint to help be a strategic linkage between the U.S. and its international partners more broadly across the Artemis program, which is NASA’s mission series intended to help humans return to the Moon and establish a more permanent presence there for continued science and research purposes.

ispace is set to launch its first lunar landers for its Mission 1 and Mission 2 operations, currently planned to take place starting with a debut launch in 2021. Its planned Mission 3 will be the first to carry its forthcoming next-generation lander, to be designed and manufactured in the U.S. by a team led by O’Neill, which will boast a larger footprint and greater payload capacity.

#aerospace, #artemis-program, #colorado, #commercial-lunar-payload-services, #denver, #google-lunar-x-prize, #ispace, #lunar-lander, #outer-space, #private-spaceflight, #science, #space, #spaceflight, #spacex, #tc, #united-states

0

Yes, Your Kids Can Play Outside All Winter

Hardened athletes and explorers weigh in on how to keep your kids warm.

#alaska, #coats-and-jackets, #colorado, #mountaineering, #parenting, #reykjavik-iceland, #shoes-and-boots, #snow-and-snowstorms

0

Hickenlooper Ousts Gardner in Colorado, Handing Democrats Crucial Senate Seat

Senator Cory Gardner, a first-term Republican, had trailed throughout the race as his state increasingly tilted toward Democrats.

#colorado, #elections-senate, #gardner-cory-s, #hickenlooper-john-w, #senate

0

Why The Colorado Wildfires Feel Like a Season Without End

After a horrific summer of fires in the West, Colorado is fighting out-of-control fires as ski season approaches.

#colorado, #fires-and-firefighters, #global-warming, #snow-and-snowstorms, #wildfires

0

Late-Season Wildfires Rampage Through Colorado

After a season of hellish wildfires throughout the West, there is new evidence that climate change and rampant growth are creating perfect breeding grounds for fire.

#california, #colorado, #evacuations-and-evacuees, #global-warming, #parks-and-other-recreation-areas, #wildfires

0

Facing a Deluge of Misinformation, Colorado Takes the Offensive Against It

The state will combat false information on social media and even buy Google ads against it. But not enough other states are following suit.

#colorado, #griswold-jena, #presidential-election-of-2020, #rumors-and-misinformation

0

Colorado Wildfire Grows Into Largest in State History

Left vulnerable by dry conditions, more than 430,000 acres have burned so far in what has been one of the worst years ever for wildfires in the state.

#boulder-colo, #california, #colorado, #fires-and-firefighters, #oregon, #washington-state, #weather, #wildfires

0

White Supremacist Pleads Guilty to Plotting to Bomb Colorado Synagogue

Richard Holzer, 28, shared with undercover F.B.I. agents that he wanted to get a synagogue “off the map.”

#anti-semitism, #bombs-and-explosives, #colorado, #federal-bureau-of-investigation, #hate-crimes, #holzer-richard, #jews-and-judaism, #pueblo-colo, #synagogues, #terrorism

0

The Fight Over Absentee Ballots Intensifies Around Drop Boxes

Democrats are pushing to expand their use, while Republicans insist, without evidence, that they make fraud easier — even as they deploy their own in California.

#absentee-voting, #california, #colorado, #content-type-service, #ohio, #postal-service-and-post-offices, #presidential-election-of-2020, #republican-party, #states-us, #texas, #trump-donald-j, #united-states-politics-and-government

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Kayhan Space wants to be the air traffic control service for satellites in space

Kayhan Space, the Boulder, Colo. and Atlanta-based company launched from Techstars virtual space-focused accelerator, wants nothing more than to be the air traffic control service for satellites in space.

Founded by two childhood friends, Araz Feyzi and Siamak Hesar, who grew up in Iran and immigrated to the U.S. for college, Kayhan is tackling one of the toughest problems that the space industry will confront in the coming years — how to manage the exponentially increasing traffic that will soon crowd outer space.

There are currently around 8,000 satellites in orbit around the earth, but over the next several years, Amazon will launch 3,236 satellites for its Kuiper Network, while SpaceX filed paperwork last year to launch up to 30,000 satellites. That’s… a lot of metal flying around.

And somebody needs to make sure that those satellites don’t crash into each other, because space junk has a whole other set of problems.

In some ways, Feyzi and Hesar are a perfect pair to solve the problem.

Hesar, the company’s co-founder and chief executive, has spent years studying space travel, receiving a master’s degree from the University of Southern California in aeronautics, and a doctorate in astronautical engineering from the University of Colorado, Boulder. He interned at NASA’s Jet Propulsion Laboratory, and spent three years at Colorado-based satellite situational awareness and systems control technology developers like SpaceNav and Blue Canyon Technologies.

Meanwhile Feyzi is a serial entrepreneur who co-founded a company in the Atlanta area called Syfer, which developed technologies to secure internet-enabled consumer devices. Using Hesar’s proprietary algorithms based on research from his doctoral days at UC Boulder and Feyzi’s expertise in cloud computing, the company has developed a system that can predict and alert the operators of satellite networks when there’s the potential for a collision and suggest alternative paths to avoid an accident.

It’s a problem that the two founders say can’t be solved by automation on satellites alone, thanks to the complexity and multidimensional nature of the work. “Imagine that a US commercial satellite is on a collision course with a Russian military satellite,” Feyzi said. “Who needs to maneuver? We make sure the satellite operator has all the information available to them [including] here’s what we know about the collision about to happen here and here are the recommendations and options to avoid it.”

Satellites today aren’t equipped to visualize their surroundings and autonomy won’t solve a problem that includes geopolitical complexities and dumb space debris all creating a morass that requires human intervention to navigate, the founders said.

Today it’s too complex to resolve and because of the different nations and lack of standards and policy … today you need human input,” Hesar said.

And in the future, if satellites are equipped with sensors to make collision avoidance more autonomous, then Kayhan Space already has the algorithms that can provide that service. “If you think of the system and the sensors and the decision-making and [execution controls] actually performing that action… we are that,” Hesar said. “We have the algorithm whether it uses the ground-based sensor or the space-based sensor.”

Over the next eight years the space situational market is expected to reach $3.9 billion and there are very few companies equipped to provide the kind of traffic control systems that satellite network operators will need, the founders said.

Their argument was compelling enough to gain admission to the Techstars Allied Space Accelerator, an early stage investment and mentoring program developed by Techstars and the U.S. Air Force, the Netherlands Ministry of Defence, the Norwegian Ministry of Defence and the Norwegian Space Agency. And, as first reported in Hypeotamus, the company has now raised $600,000 in a pre-seed funding from investors including the Atlanta-based pre-seed investment firm, Overline, to grow its business.

And the company realizes that money and technology can’t solve the problem alone.

“We believe that technology alone can help but can’t solve this problem. We need the US to take the lead [on policy] globally,” said Feyzi. “Unlike airspace… which is controlled by countries. Space is space.” Hesar agreed. “There needs to be a focused effort on this problem.”

 

#amazon, #articles, #atlanta, #blue-canyon-technologies, #cloud-computing, #colorado, #iran, #metal, #outer-space, #pollution, #satellite, #serial-entrepreneur, #space-debris, #space-travel, #spaceflight, #spacex, #tc, #techstars, #u-s-air-force, #united-states

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In Colorado, Fiery Political Novice Aims for a Seat in the House

Lauren Boebert, a Glock-packing newcomer to politics, upset a Republican incumbent, but increasing scrutiny and a well-funded challenger have made her a top target for Democrats.

#colorado, #elections-house-of-representatives, #republican-party, #tea-party-movement, #traffic-accidents-and-safety, #united-states-politics-and-government

0

Facing Impossible Obstacles Together

Two years ago, an oil field accident left Dillon Dreher with burns over 65 percent of his body, but with the support of Derae Caro, he is slowly recovering.

#accidents-and-safety, #colorado, #weddings-and-engagements

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Colorado Official Sues Postal Service Over Election Mailer She Says Misleads Voters

The suit comes as the Postal Service has drawn scrutiny for a mail delivery slowdown that Democrats have charged are part of an effort by President Trump to hobble mail-in voting to bolster his re-election.

#colorado, #dejoy-louis, #postal-service-us, #postal-service-and-post-offices, #presidential-election-of-2020, #trump-donald-j, #united-states-politics-and-government

0

Wildfires Are Worsening. The Way We Manage Them Isn’t Keeping Pace.

The blazes scorching the West highlight the urgency of rethinking fire management policies, as climate change threatens to make things worse.

#building-construction, #california, #colorado, #environment, #forests-and-forestry, #global-warming, #greenhouse-gas-emissions, #land-use-policies, #oregon, #washington-state, #wildfires

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California’s Heat Wave Will Be Dangerously Hot This Weekend

Record-breaking temperatures are expected across the western United States. They might be followed by wind that could worsen fires in California, or storms that could bring snow in Colorado.

#california, #colorado, #national-weather-service, #temperature, #weather, #wildfires

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Casa pivots to provide self-custody services to secure bitcoin

Casa, a Colorado-based provider of bitcoin security services, is launching a managed service allowing customers to buy and hold their own bitcoin, rather than using an external custodian like Coinbase.

“With self-custody using Casa it’s impossible to be hacked and nearly impossible to have your bitcoin stolen,” wrote chief executive Nick Neuman in an email. “Leaving bitcoin on an exchange (e.g. Coinbase or many others) opens it up to theft; there is a long history of bitcoin theft and hacks from exchanges.”

Just last year, the major cryptocurrency exchange, Binance, was hacked and thieves made off with bitcoin that was worth $40 million at the time.

Before the upgrade with the new product offering, bitcoin traders had to buy their bitcoin at an exchange and then move their bitcoin off of the exchange to increase security. They can now be secure by default using Casa, according to Neuman.

Bitcoin can now be purchase through Casa and deposited directly into a user’s wallet on the service where they control the funds. Casa never has custody of the user’s bitcoin at any point in the process, which the company said eliminates the risk of using an exchange.

“With the dollar declining in value and a new era of potential inflation on the horizon, consumers are naturally looking for a safe asset class that’s outside the turbulence of the existing financial system,” said Neuman in a statement. “Traditionally, if investors wanted the security and control of Bitcoin self-custody, they had to jump through multiple hoops to register with an exchange, deposit funds for trading, and then move bitcoin to their wallet. As new users begin their Bitcoin journey, they have a much simpler and faster option for buying and securing their first bitcoin with Casa.”

#bitcoin, #casa, #coinbase, #colorado, #cryptocurrencies, #digital-currencies, #money, #tc

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Boom Supersonic enlists Rolls-Royce to help build the engines for world’s fastest commercial aircraft

Boom Supersonic, the Colorado -based startup working on creating a supersonic passenger jet to continue and dramatically advance the legacy of the original Concorde, has signed on Rolls-Royce to build the propulsion system for its Overture commercial aircraft. Boom is getting very close to actually beginning to fly its XB-1, a subscale demonstrator aircraft that will test and prove out many of the technologies that will be used to bring Overture to life.

This isn’t the first time Boom and Rolls-Royce have worked together: The two companies have had a number of different collaborations on aspects of their development process to date, Boom notes. Rolls-Royce has a history of developing engines for civil aircraft applications dating all the way back to World War II and is the second-largest maker of aircraft engines in the world.

Boom’s relative newcomer status should benefit greatly from the long tradition Rolls-Royce has in creating aircraft propulsion systems — and it doesn’t hurt that Rolls-Royce had a hand in creating the Olympus 593 turbojet that powered the original Concorde.

The Overture aims to be the world’s fastest passenger aircraft, with flights taking half the time they do on conventional commercial jets (New York to London in just three-and-a-half hours, for instance). The company aims to provide essentially dedicated business class service to a frequent business traveler clientele, and to do so sometime in the next five to 10 years.

The XB-1 demonstrator jet has a set reveal date of October 7 this year, which is the first time we’ll get a first-hand look at a fully functional aircraft that Boom really intends to fly.

#aerospace, #aircraft, #aviation, #boom-supersonic, #boom-technology, #colorado, #concorde, #engines, #london, #new-york, #olympus, #rolls-royce, #space, #tc, #transportation

0

Supreme Court Rules States May Curb ‘Faithless Electors’ in Electoral College

The court said states may require members of the Electoral College to vote for the presidential candidates they had promised to support.

#clinton-hillary-rodham, #colorado, #constitution-us, #decisions-and-verdicts, #electoral-college, #presidential-election-of-2016, #presidential-election-of-2020, #states-us, #supreme-court-us, #trump-donald-j, #united-states-politics-and-government, #washington-state

0

3 Officers Fired Over Photos Taken Near Elijah McClain Memorial

The Aurora, Colo., police chief said the officers mocked the death of Mr. McClain, a 23-year-old massage therapist who died several days after officers put him in a chokehold last summer.

#aurora-colo, #colorado, #justice-department, #mcclain-elijah-d-2019, #nine-one-one-911-emergency-phone-number, #photography, #police-brutality-misconduct-and-shootings, #police-department-minneapolis-minn

0

What to Watch in Kentucky Election Results and Colorado Senate Race

A challenger to Senator Mitch McConnell should finally emerge, and John Hickenlooper is trying to win his Senate primary in Colorado, among other races unfolding on Tuesday.

#booker-charles-1984, #colorado, #elections-governors, #elections-house-of-representatives, #elections-senate, #gardner-cory-s, #hickenlooper-john-w, #huntsman-jon-m-jr, #kentucky, #mcconnell-mitch, #mcgrath-amy, #oklahoma, #romanoff-andrew, #utah

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Hickenlooper’s Stumbles Complicate Democrats’ 2020 Strategy

The former governor has faltered in a primary campaign for a seat that is essential for Democrats to capture if they hope to retake the Senate majority.

#colorado, #democratic-party, #elections-senate, #gardner-cory-s, #hickenlooper-john-w, #politics-and-government, #primaries-and-caucuses, #romanoff-andrew, #senate, #united-states-politics-and-government

0

Camping in the West? Like Everything These Days, It’s Complicated

“Every state is different. In some states, every municipality is different.”

#angeles-national-forest-calif, #arches-national-park-utah, #bureau-of-land-management, #california, #camps-and-camping, #colorado, #coronavirus-reopenings, #grand-canyon-ariz, #moab-utah, #national-park-service, #national-parks-monuments-and-seashores, #parks-and-other-recreation-areas, #recreational-vehicles, #shutdowns-institutional, #states-us, #travel-and-vacations, #wyoming, #xanterra-parks-and-resorts-inc, #yellowstone-national-park, #yosemite-national-park-calif, #zion-national-park-utah

0

As Meatpacking Plants Reopen, Data About Worker Illness Remains Elusive

Emails show local officials received conflicting signals from state leaders and meatpacking companies about how much information to release about outbreaks in plants.

#colorado, #coronavirus-2019-ncov, #iowa, #jbs-sa, #meat, #meat-packers-and-butchers, #missouri, #nebraska, #north-carolina, #slaughterhouses, #smithfield-foods-inc, #tests-medical, #tyson-foods-inc

0

A New Viral Outbreak Is Killing Rabbits

This virus is deadly, long-lived and highly contagious, but it doesn’t affect people or other animals.

#agriculture-department, #animals, #arizona, #australia, #california, #canada, #colorado, #epidemics, #house-rabbit-society, #nevada, #new-mexico, #north-america, #rabbits, #texas, #veterinary-medicine, #your-feed-science

0

Cody Latimer of the Redskins Faces Assault and Weapons Charges

Deputies went to an apartment complex in Colorado early Saturday morning after receiving a report of gunfire inside a unit, officials said.

#assaults, #cody-latimer, #colorado, #denver-broncos, #firearms, #football, #national-football-league, #washington-redskins

0

The Masked Versus the Unmasked

How can Trump opponents take on people who will stop at nothing?

#barr-william-p, #colorado, #coronavirus-2019-ncov, #firearms, #presidential-election-of-2020, #rumors-and-misinformation, #trump-donald-j, #united-states-politics-and-government

0

A 92-Year-Old Piano Teacher Won’t Let Students Miss Bach in the Pandemic

Cornelia Vertenstein, a Holocaust survivor, is still teaching piano lessons over FaceTime from her Denver home.

#classical-music, #colorado, #coronavirus-2019-ncov, #denver-colo, #holocaust-and-the-nazi-era, #pianos, #smartphones, #videophones-and-videoconferencing

0

Austin’s Homeward raises $105 million to buy your new home for you

Austin-based company Homeward was founded by a former real estate agent with a deceptively simple premise.

Homeward, which has just raised $20 million in equity funding from Adams Street Partners and another $85 million in debt from undisclosed lenders, pitches a plan where the company will loan money to would-be homebuyers equal to the amount of their home equity so these buyers can make an all-cash offer to purchase their next home. The company also makes a “floor-price” guarantee on the existing home if the owners aren’t able to sell the property for full market value.

That offer has attracted the attention of venture investors like Adams Street Partners, Javelin Venture Partners and LiveOak Venture Partners, which have invested $20 million in equity into the new startup, the company said. Homeward also said it has received another $85 million in debt financing from undisclosed lenders.

For the buyers who who use Homeward’s all-cash offer, there’s the promise of an average discount between 2 percent and 5 percent, which at least makes up for the 2 percent-to-3 percent convenience fee that the company charges for its services. Homeward also makes money off of the rent it charges to homeowners on their new home before they’re able to close a deal on the old one.

“Most of our customers are seeing discounts that exceed the cost of their fee that gets tacked back on the home,” said Homeward chief executive and founder, Tim Heyl. “Depending on the services that they use for homeward they will see discounts that would drive down the fees that they would have otherwise paid.” 

Homeward compares its services to institutional buyers, who can charge up to 9 percent of the home sale price and may force homebuyers to work with an exclusive agent provided by the institution.

The benefit, the company says, is that would-be home buyers (through Homeward) can make an all cash pitch to sellers which often results in a discount on the asking price — and the new owners can move in faster — all while having someone else manage the process of selling their old home.

“We are focused on building the future real estate agent and putting the client relationship at the center of that experience,” said Heyl

A former broker himself, Heyl said that the company’s willingness to work with real estate brokers rather than replace them was another significant differentiator for the company.

“Homeward is focused very specifically on helping the real estate agent deliver a home buying experience… homeowner wants to move but they don’t want to list their house til they know where they’re going,” said Heyl. “The real estate agent will refer the customer to Homeward… we gather that data and run it through our models and we approve or deny the customers.”

With the new cash, Homeward is looking to expand in the existing markets it’s working in: Colorado, Georgia and Texas, with an eye toward national expansion down the line.

To date, Homeward has raised $24 million in equity and $106 million in debt.

“We’re being very selective at the moment, but Homeward stood out.” said Jeffrey Diehl, a managing partner at Adams Street Partners, in a statement. “The company’s growth is impressive, the leaders have deep industry experience, and their traction with agent partners has been much better than expected.”

By working with real estate agents instead of trying to circumvent them, Homeward has a built in sales channel for its services. Roughly 43 percent of home buyers have an existing home to sell before they buy their next house, according to data from Zillow cited by the company. The need to sell a home before buying the next one slows down the process and hits the bottom line of real estate agencies that depend on turnover.

Homeward works with agents to register clients for Homeward’s service so they can be approved for a loan by the company.

“Working with Homeward, my clients got approved and made a winning offer within days.” said Grant Rothberg, a top real-estate agent in Houston, in a statement provided by the company. “They were able to move into their new home first, then take their time to sell their old home, ultimately earning them $40,000 more than low-ball ibuyer offers.”

#adams-street-partners, #austin, #broker, #colorado, #georgia, #houston, #javelin-venture-partners, #liveoak-venture-partners, #managing-partner, #tc, #texas

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Supreme Court Seems Ready to Curb ‘Faithless Electors’

Fearing chaos, several justices said states may require members of the Electoral College to vote for the presidential candidates they had promised to support.

#colorado, #constitution-us, #electoral-college, #presidential-election-of-2016, #presidential-election-of-2020, #states-us, #supreme-court-us, #united-states-politics-and-government, #washington-state

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Colorado Paramedic Who Came to Help New York Dies From Covid-19

For three weeks, Paul Cary transported coronavirus patients to hospitals by ambulance. He had already signed up for a second 30-day deployment in New York when he started feeling sick.

#ambulances, #colorado, #coronavirus-2019-ncov, #deaths-fatalities, #fires-and-firefighters, #new-york-city

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Governors, Facing Pressures on All Sides, Weigh Reopening Their States

In Colorado, Georgia, Oklahoma, Michigan and elsewhere, they face the same question: how and when to restart parts of their economies.

#abrams-stacey-y, #colorado, #coronavirus-2019-ncov, #epidemics, #governors-us, #hogan-lawrence-j, #kemp-brian-p, #polis-jared-s-1975, #states-us

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This Is How to Hold a Coronavirus Election

South Korea has been a model of testing and tracing during the epidemic. Now it is for voting, too.

#china, #colorado, #coronavirus-2019-ncov, #daegu-south-korea, #deaths-fatalities, #elections, #epidemics, #iran, #ireland, #italy, #masks, #massachusetts, #minimum-wage, #politics-and-government, #polls-and-public-opinion, #quarantines, #south-korea, #tests-medical, #voting-and-voters, #wuhan-china

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Leading by Example, Some Politicians Urge Residents to Wear Face Masks

Across the country, state and local politicians have begun donning protective gear, in contrast to President Trump, who said he wouldn’t follow the C.D.C. guidance.

#centers-for-disease-control-and-prevention, #colorado, #coronavirus-2019-ncov, #garcetti-eric-m, #los-angeles-calif, #masks, #myrick-svante-l, #polis-jared-s-1975, #protective-clothing-and-gear, #trump-donald-j, #united-states

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The People Who See Bernie Sanders as Their Only Hope

Mr. Sanders’s enduring base shows the fissures along class lines in the Democratic Party, with those struggling most eager for his promises of change.

#biden-joseph-r-jr, #california, #colorado, #holyoke-mass, #presidential-election-of-2020, #primaries-and-caucuses, #sanders-bernard, #united-states-politics-and-government

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