Zongmu Technology Shanghai Co raised more than 1 billion yuan ($157 million) in a new chapter as the autonomous drive system startup seeks to build a new production plant.
State-backed funds Dongyang State-Owned Assets Investment Co and Zhejiang Caitong Capital Investment Co are leading Zongmu's series E funding round. Sunic Capital, Zuoyu Capital and funds backed by Cosco Shipping Development Co and China Cinda Asset Management Co also participated.
Citing Bloomberg, Monday (28/3), Zongmu plans to use this fresh fund to accelerate research and development. Zongmu will also spend capital to set up a base in Zhejiang province that can produce 2 million sets of autonomous driving systems a year.
Founded in 2013, the Shanghai-based company focuses on the technology and products of advanced autonomous driving systems and driving assistants. Zongmu also provides an automated valet parking system for automakers.
Zongmu also has research and development centers in Beijing, Shanghai and Xiamen as well as Stuttgart, Germany. Meanwhile, the manufacturing center is in Xiamen.
The startup is considering listing on STAR boards such as the Nasdaq in Shanghai. The company calculates an investment fund backed by Xiaomi Corp. Hubei Xiaomi Changjiang Industrial Investment Fund Management Co., Denso Corp. Japan, Qualcomm Ventures and Fosun Capital Group as existing backers.
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