Crewless mining solution supplier WAYTOUS lands strategic fund from Far East Horizon

Beijing (Gasgoo)- China’s crewless mining solution provider WAYTOUS received a strategic investment from the country’s financing and industrial conglomerate Far East Horizon’s FE Fund.

The two companies will establish profound cooperation in the crewless mining industry.

Photo credit: WAYTOUS

Notably, the fresh financing round came after WAYTOUS nabbed nearly 300 million yuan ($47.159 million) in Series C in January. The exact number raised was not disclosed by WAYTOUS.

The two companies share the same development goals in resource sharing and information exchange, focusing on serving brick-and-mortar enterprises. Leveraging each’s strength, WAYTOUS and Far East Horizon will further advance the intelligent mining development, expand mining business scenarios, explore the synergy between unmanned operation and engineering machinery lease financing, so as to construct an ecological supply chain with active collaboration of engineering machinery manufacturers and outsourcing service providers.

As of now, WAYTOUS has attracted over 30 cooperation projects from a slew of Chinese leading energy and mining firms such as CHN Energy, China Huaneng Group, China Datang Corporation, China Baowu, ChinaCoal, BBMG Corporation, and China Resources.

Its self-developed “YUGONG” smart mine operation platform has been deployed in multiple high-production open-pit mines.