Unmanned Mining Solutions Provider WAYTOUS Secures 300 Million Yuan in C Round of Funding

Shanghai (Gasgoo)- Chinese unmanned mining solution provider WAYTOUS pocketed nearly 300 million yuan ($47.159 million) in a Series C round, the company announced on Jan. 13, raising more than 500 million yuan. ($78.6 million) of cumulative money over the last half year.

The new funding round was led by CICC SAIC Emerging Industry Fund, an investment arm of CICC Capital. Other investors include Yuexiu Industrial Fund and Bohai Zhongsheng, a fund affiliated with BOCI (Bank of China International Limited). Hina Group was the only financial consultant.

WAYTOUS self-unloading truck co-developed with Baidu; photo credit: WAYTOUS

In August last year, the company announced the completion of its B1 funding round with over 200 million yuan ($31.44 million) raised.

WAYTOUS said its commercial projects will be implemented on a large scale in 2021. To date, it has delivered more than 200 driverless vehicles to serve a large number of major Chinese energy and mining companies such as CHN Energy, China Huaneng Group , China Datang Corporation, China Baowu, ChinaCoal, BBMG Corporation and China Resources.

Based on “parallel driving theory”, WAYTOUS has developed solutions including autonomous mining trucks, semi-autonomous excavators, intelligent fleet management system and parallel virtual test system which have been successfully tested. and put into commercial service. Its self-developed “YUGONG” intelligent mining platform has been deployed in several high-production surface mines.

Unmanned Mining Solutions Provider WAYTOUS Secures 300 Million Yuan in C Round of Funding

WAYTOUS unmanned trucks operating in the Baorixile surface mine; photo credit: WAYTOUS

In May 2020, WAYTOUS officially launched the world’s first large-scale autonomous mining truck project in an extremely cold environment: the Baorixile surface mine located in the Inner Mongolia region of China. It is also the first project built with a 5G network and up to five autonomous mining trucks operating simultaneously. The project went through China National Coal Association review last September.

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