Chinese self-driving vehicle system developer Zongmu has raised $190 million in its series D funding round, reflecting growing investor interest in an industry that touts massive economic opportunities.
Zongmu completed the financing in three stages, with the last tranche led by Hubei Xiaomi Yangtze River Industrial Fund, an investment fund backed by smartphone giant Xiaomi, Zongmu said in a statement on Thursday. Japanese auto-part maker Denso, Jadex Capital, Cowin Capital, Qualcomm Ventures and Fosun Capital also joined the round.
The funding will give Zongmu the chance to work with Xiaomi to explore more uses of its autonomous driving technology, according to the statement. In March, Xiaomi unveiled plans to expand into smart car manufacturing, joining tech giants including Baidu and Huawei to tap into the sector.
Founded in 2013, Zongmu focuses on developing autonomous driving and advanced driver-assistance technologies and products related to positioning and mapping. One of its flagship products is an automated valet parking system, which has been installed in an SUV model made by China FAW Group. The company also has ties with several automakers including Geely and BAIC Group.
Shanghai-based Zongmu, which has R&D centers in Shanghai, Beijing, Xiamen and Shenzhen as well as Stuttgart in Germany, is actively preparing for a listing on Shanghai’s Nasdaq-like STAR Market, Bloomberg reported, citing its CEO Tang Rui.
Contact reporter Ding Yi (firstname.lastname@example.org) and editor Heather Mowbray (email@example.com)