Waytous, the leader of unmanned intelligent mines, completed A2 round of financing and aims towards a global development with the Support of Cathay Cartech Fund

May 4, 2020

Waytous officially announced that it has secured more than 100 million RMB A2 round of financing. Up to now, Waytous had raised, over 200 million RMB in series A round of financing since July 2019.

The A2 round of financing was led by Cathay Cartech Fund, expert in the field of automobile and logistics, followed by FOF, Hai Chuang Fund of Funds, by Hina Group and by Sigma Square Capital, Waytous’ oldest shareholder.

Cathay Capital is a leading global cross-border private equity investment platform, with 3.5 billion euros assets under management. Cathay Cartech Fund under Cathay Capital pays special attention to companies with great prospects and potential in the implementation of hard tech industry.

Waytous attracted high-quality capitals thanks to its technical strength, great innovation ability and solid industry reputation.

Dr. Long Chen, the CEO of Waytous, states:

“It’s an honor to have the recognition and trust of Cathay Cartech Fund and Haichuang fund of funds. Together we will work to change the traditional mining industry and build a world-class leading intelligent ecosystem. The Chinese government recently published its guiding opinions on accelerating the development of intelligent coal mine before 2025. In 2020, we will continue to invest in productization, platformization and systematization. In parallel, we will further promote the implementation of unmanned solutions of underground mines as well as fostering the mass production and delivery of autonomous mining equipment. We will largely benefit from Cathay’s profound international background and global vision; Cathay is a great partner for exceptional start-ups to move further towards the international market. In 2019 Waytous has started its overseas business in North America and Africa and will now accelerate the internationalization of its business with new partners joining.”

According to John Li, the partner of Cathay Cartech Fund:

“Technology innovation drives the improvement of efficiency. The intelligent mine is a hundred-billion-value market that needs to be realised. It is also one of the most important field of implementation for the autonomous-driving technology. While the traditional mining industry is facing issues such as labor shortage, safety supervision and cost benefit, Waytous brings a comprehensive solution to these challenges. Waytous is a pioneer of this technology in China and has accumulated years of technological expertise in unmanned mine and are highly recognized by mining companies and machinery manufacturers. As of now, they are the only supplier that can provide a complete product line. Cathay will bring its industrial knowledge,international resources and global deployment skills to promote Waytous’ expansion, especially in the North American and African markets.”

The first autonomous mining solution

In China, the first total autonomous mining was officially launched in September 2019 and put into commercial operation. The autonomous haulage system in the total solution of unmanned mine provided by Waytous can carry out the functions of autonomous transportation, truck-excavator coordination, intelligent dispatching, and emergency takeover.

The latest autonomous truck is 8.7m long, 4m high, with a full load of 90 tons and stable speed of 20km / h. Three systems, autonomous driving, fleet scheduling and remote control, are applied, which can fully meet the requirements of mining operation. The total solution can eliminate the risk of personal safety, reduce the operating cost, and play a crucial role in improving the profitability of mining enterprises. This is the only total solution for autonomous mines in China with independent intellectual property.

World-class team fostering technical revolution in traditional manufacturing

As a pioneer of autonomous intelligent mine, Waytous’ team has almost 30 years’ experience in this field and come from the best universities worldwide. Guided by Prof. Wang, our chief scientist professor (the director of The Sate Key Laboratory for Management and Control of Complex Systems at China Academy of Science), the team built China’s first autonomous Intelligent mine system and provided optimum total solutions for end to end autonomous mine transportation based on our deep understanding of the autonomous driving technology and extraordinary industrial design abilities.

Promoting the formulation of industrial standards and creating intelligent mine ecosystem

In response to the accelerating business implementation of unmanned mines, Waytous is bringing more professionals in business development, production management, quality control and after-sale service on board. We are actively improving the supply chain system, constructing a powerful operating system, building operations centers in core mining in China. Nowadays, Waytous is thoroughly connecting the upstream and downstream companies and will reunite them to accelerate the construction of the intelligent mine ecosystem.

Turning challenges into opportunities and empowering the future to build a harmonious coexistence of man and nature

Waytous’ CEO Dr. Long Chen says: “The coronavirus outbreak at the beginning of 2020 sets a big challenge to the industry but can be viewed as a turning point in technology upgrading.” The artificial intelligence has great potential in increasing productive and operating efficiencies. It is the most effective and reliable way to ensure workers’ safety and protecting the industry from uncontrollable effects. In the next 3 years, Waytous will further cement our core technology and facilitate its implementations. Starting with mine sites, we will reach out for more scenarios that our autonomous-driving system can be applied in.  Waytous will conduct business around the world at the same time and increase the safeness and the stability of our products. Our goal is to build a modernized society where human and the nature can live in harmony.”