Cash Capital portfolio company VIPioneers has closed on series A2 funding in the run-up to mass-production of its autonomous coalmine transport system.
VIPioneers, a China-based developer of autonomous coalmine transport backed by Chinese Academy of Sciences (CAS), has closed a RMB100m ($14.4m) series A2 round co-led by private equity firm Cathay Capital, China Money Network reported on Friday.
The round was co-led by growth equity firm Sigma Square Capital and private equity firm Hina Group.
VIPioneers develops self-driving carts for underground mines that can be remotely controlled by the client to help reduce operational costs and minimise the exposure of human personnel to dangerous working environments.
The technology can be installed in around two weeks and comes equipped with tools for coordinating mine excavations and preparing instructions during an emergency.
VIPioneers’ approach – known as parallel driving – was spearheaded by its chief scientist, Wang Feiyue, director of CAS’s State Key Laboratory of Complex System Management and Control.
The injection of capital will spur its preparations for mass-production, specifically driving efforts in commercial and technology development. VIPioneers expects to benefit from changes in Chinese working practices caused by the coronavirus epidemic.
A pilot version of its cart has already been implemented in partnership with coal mining firms Warwick Mining and Datang International Baoli Coal Mine.
Cash Capital, the investment arm of CAS, put up an undisclosed angel sum for VIPioneers in 2017.
VIPioneers then raised almost $14.5m of series A1 funding in July 2019 led by SAIF Investment Fund that featured both Sigma Square and Hina Group.
