(Yicai) Nov. 17 -- Eacon Mining Technology, a Chinese provider of self-driving solutions for the mining industry, has raised nearly CNY400 million (USD55.2 million) in a recent financing round.

Richen Capital led the fundraiser, Beijing-based Eacon announced today. Shenyin and Wanguo Investment and existing shareholders Chentao Capital, Xinghang State-Owned Investment and Operation, and other institutions also took part.

The proceeds will be mainly used to improve Eacon’s research and development of autonomous haulage solutions and products in open-pit mines and promote the mass production and application of self-driving mining vehicles, the firm added.

With the latest financing round, Eacon has raised a total of nearly USD450 million so far this year.

Founded in May 2018, Eacon developed new energy autonomous drive-by-wire platform Yushi, which can quickly upgrade mining trucks to self-driving. Yushi has been applied in nearly 300 such mining trucks, with a cumulative self-driving mileage of 4.2 million kilometers.

Eacon’s technology has been used in five of China’s top 10 open-pit coal mines. The company established deep strategic cooperation with many large mining enterprises, including National Energy Group, TBEA, State Power Investment, and Zijin Mining.

Compare with self-driving in other sectors, autonomous driving in the mining industry attracted much more attention from investors because they are closer to commercialization, according to an industry analyst. Eacon was able to raise so much money through financings because of its advanced commercialization process.

Editors: Futura Costaglione