Self-Driving Startup Zongmu Raises $157 Million in New Funds

(Bloomberg) — Zongmu Technology Shanghai Co. has raised more than 1 billion yuan ($157 million) in a new round as the Chinese autonomous driving system startup looks to build a new production plant.

State-backed funds Dongyang State-Owned Assets Investment Co. and Zhejiang Caitong Capital Investment Co. led Zongmu’s series E funding round, according to a statement on Monday. Sunic Capital, Zuoyu Capital and a fund backed by Cosco Shipping Development Co. and China Cinda Asset Management Co. also participated.