Doosan Bobcat invests in agriculture start-up

Doosan Bobcat made an equity investment in a U.S. agriculture technology start-up, in a bid to further accelerate the automation of its compact equipment and industrial vehicles.

Doosan Bobcat's remotely-controlled lawn mower 'Zero-turn Mower' [DOOSAN BOBCAT]

Doosan Bobcat made an equity investment in a U.S. agriculture technology start-up, in a bid to further accelerate the automation of its compact equipment and industrial vehicles.

The equipment supplier said on Wednesday that it invested an unspecified amount in Agtonomy, a few months after the two companies entered into a collaboration in February. Doosan Bobcat's stake was also not disclosed.

Agtonomy, a Silicon Valley-based agriculture tech company, develops software for remotely controlling agricultural machinery and vehicles to carry out labor-intensive tasks at farms, such as plowing out weeds or transporting crops.

The company’s investors include Google Ventures, Toyota Ventures and Mirae Asset Venture Investment.

Agtonomy and Doosan Bobcat began to jointly develop automation and remote controlling technologies for the latter’s tractor and other agriculture-related industrial vehicles in February. With the latest investment deal, the companies aim to further their partnership in joint projects.

Doosan Bobcat previously invested in other global tech companies to further develop its remote controlling and automation technologies.

In 2021, the company made an equity investment in Ainstein AI, a radar technology start-up based in Lawrence, Kansas, and also signed a strategic investment agreement with Greenzie, a U.S. lawn mower automation technology company.

Data from MarketResearch.com said that the global autonomous farm equipment market size was estimated at $10.7 billion last year, and is expected to hit the $28.5 billion mark by 2027.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]