Doosan Bobcat invests in US-based agtech company

Doosan Bobcat, the construction and agricultural machine making affiliate of South Korea’s Doosan Group, has announced on Wednesday a strategic investment in Agtonomy, a US-based agtech software firm, aiming to fast-track the development of autonomous driving technology.

Agtonomy, notable for creating software designed for autonomous grounds maintenance equipment, has previously drawn investment from high-profile entities such as Google Ventures, Toyota Ventures and Mirae Asset Venture Investment.

It has the technology to remotely perform labor-intensive tasks such as weeding and mowing. This tech is considered a solution that helps to solve the problem of labor shortage in rural areas around the world.

Doosan Bobcat has been actively engaged in developing remote, unmanned and electric technologies designed to improve work efficiency and precision since initiating a partnership with Agtonomy earlier this year. The investment is anticipated to enhance the pace of tech development via a solid partnership between the two firms.

Engaging in collaborations with numerous global firms in the unmanned and automated sector, Doosan Bobcat has formed strategic alliances, including a partnership with Einstein, a US-based radar sensor specialist in 2021, and an investment agreement with Greenzie, a commercial robotic lawn mower software company.

Doosan Industrial Vehicle, a subsidiary of Doosan Bobcat, continues to refine its automated guided forklift (AGF) technology via a collaboration with Kollmorgen, a Swedish automation software company specializing in logistics equipment.

Market Research.com, a respectable US research firm, reported that the autonomous agricultural equipment market stood at $10.7 billion globally last year, projecting an average annual growth rate of 21% for the next five years, potentially escalating to $28.5 billion by 2027.

"We intend to broaden the application of automation technology to equipment in various sectors, including agriculture, landscaping, construction and logistics, beginning with the introduction of an unmanned lawn mower product expected by the year's end,"  a Doosan Bobcat official said.

Write to Hyung-Kyu Kim at khk@hankyung.com