Mar 28, 2022 04:11 PM

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

Photo: Zongmu
Photo: Zongmu

(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.

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