Wuxi Boton Technology leads investment into Tage IDriver

Yu Guizhen, the founder of Tage IDriver , also revealed that they are confident that they will meet the conditions for listing on the Science and Technology Innovation Board within 1-2 years.

On February 25, Wuxi Boton Technology, the leader in the intelligent transportation of industrial bulk materials, again increased its investment in the leading mining truck driverless company Tage IDriver, and jointly explored a new big market of unmanned driving in mining areas worth hundreds of billions of dollars.

In mines far from urban areas, mining truck drivers are a high-risk occupation with labor shortages. Especially it is for young generations, even if they are given higher wages, they would stays away from the sector. Therefore, it is increasingly difficult to hire mine truck drivers.

In this situation, the development of autonomous driving technology has brought new possibilities for transportation in mining areas. Coupled with the country’s vigorous advancement of the intelligent construction of mines, this vertical market has received more attention than ever before in recent years.

Unlike the foreign driverless mining truck market, which is dominated by construction machinery manufacturing companies, China is currently led by autonomous driving startups in specific scenarios.

Tage IDriver is a leading company in this sector.

Tage IDriver is also working hard to catch up with the gap with foreign first-tier manufacturers. It has successively signed agreements with Inner Mongolia North Hauler Joint Stock, Beihang University, China Mobile’s Inner Mongolia branch, and Huawei to jointly develop A full-stack solution for unmanned transportation in mines under 5G network conditions.

The solution covers sub-modules such as cloud-based intelligent fleet scheduling management, 4G/5G vehicle networking communication, intelligent roadside equipment, and by-wire intelligent control, and can be adapted to models of multiple manufacturers including large mining trucks and wide-body dump trucks.

Qiu Lijian, COO of Waytous, another unmanned driving company in mining areas, once said that the country’s mine owners spend about 100 billion yuan each year on transportation of coal mines, while the total transportation of non-ferrous and building materials mines is about 400 billion yuan; and the unmanned refitting of vehicles has a market space of about 500-600 billion yuan.

Yu Guizhen, the founder of Tage IDriver , also revealed that they are confident that they will meet the conditions for listing on the Science and Technology Innovation Board within 1-2 years.

He said that unmanned transportation in mines is a 100 billion-level market. The company will unite upstream and downstream enterprises in the industry to build an industrial ecology, set standards and explore the domestic and international markets.

In October last year, Tage IDriver announced that it had received 200 million yuan in Series B financing, which was jointly led by QianHai FoF and Boton Investment, with participation from Qingyan Capital and Blueflame Capital.

Within three months, CMC Capital Group increased investment by tens of millions.

After the completion of this investment, Wuxi Boton Technology directly holds 9.09% of Tage IDriver shares, and holds 3.15% of shares through Baotong Chentao Venture Capital Partnership (Limited Partnership) in Ningbo Meishan Free Trade Zone.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2021/02/27/wuxi-boton-technology-leads-investment-into-tage-idriver/.

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