Doosan Bobcat Invests Equity in a Silicon Valley Agtech Company, Spurring the Development of Its Autonomous Technology2023-06-07
- - Signed a series of agreements with unmanned automation-related companies
- Will launch electric and autonomous mowers within this year and “continue expanding automation technology”
Doosan Bobcat is accelerating the development of autonomous technology by signing a series of agreements with unmanned and automation-related software companies.
Doosan Bobcat announced on the 7th that it invested in Agtonomy, an ag-tech software company based in Silicon Valley, California, USA. Agtonomy has received investments from GV (Google Ventures), Toyota Ventures, and Mirae Asset Venture Investment, among others.
Agtonomy has the technology to remotely perform labor-intensive tasks such as weeding, mowing grass, spraying crop protectants, and transporting crops. The technology is considered a solution that can help address skilled labor shortages, while supporting lower operating costs and higher productivity.
Doosan Bobcat, which has a variety of agricultural and grounds maintenance equipment such as tractors, lawn mowers, utility vehicles, and attachments designed for farmers, ranchers, and landowners, had signed a strategic partnership with Agtonomy in February. Both parties have been developing remote, unmanned and electrified technologies that improve agricultural work efficiency and accuracy. And this equity investment is aimed at supporting the long-term partnership between the two, further accelerating technological advancements.
In addition, Doosan Bobcat is collaborating with several technology companies to advance its innovations. For instance, the company signed an equity investment agreement with Ainstein, a U.S. company specializing in radar sensors, in 2021. Another equity investment agreement with U.S.-based Greenzie followed this in 2022; Greenzie is an autonomous software company for commercial lawn mowers and outdoor power equipment. Meanwhile, Doosan Industrial Vehicle, a subsidiary of Doosan Bobcat, has been advancing its AGF (automated guided forklift) technology through a partnership with Kollmorgen, a Swedish platform provider for driverless logistics automation solutions.
According to MarketResearch.com, an American research institute, the global market for autonomous agriculture equipment was estimated at USD 10.7 billion last year and is expected to grow at a CAGR of 21% over the next five years, reaching USD 28.5 billion by 2027.
An official from Doosan Bobcat said, “Our goal is to provide smart solutions that enable people to focus on more productive and efficient work by automating simple repetitive tasks. Through collaboration with global companies, we plan to apply autonomous technology to equipment in various fields such as agriculture, landscaping, construction, and logistics, as well as electric and autonomous lawn mower products to be introduced towards the end of the year.”