Zongmu Technology obtained a new round of financing recently. Qualcomm Ventures led this round.
On July 1, Zongmu Technology announced a Series C+ round of funding worth around CNY 100 million (USD 14.6 million). Qualcomm Ventures (高通创投) took the lead in this round, and Legend Capital (君联资本) and Cantor Jungle (创徒投资) participated. It was the third round where Legend Capital invested in Zongmu Technology since its engagement in Series B and Series C funding rounds. With the new financing injected, market capitalization of Zongmu technology was pulled up to CNY 1 billion (USD 146 million).
Zongmu Technology is a Chinese self-driving technology company founded in 2013. Headquartered in Shanghai, Zongmu has two R&D centers in Beijing and Xiamen. By means of its strong research and development ability, Zongmu has become Chinese tier 1 suppliers of intellectual driving system.
The SurroundView ADAS (Advanced Driving Assistance System) and AVP (Autonomous Valet Parking) are two core products developed by Zongmu. The SurroundView ADAS system could timely provide drivers with reliable warning based on surrounding information received by automotive sensors and cameras for safety purpose. The AVP system enables automobiles to realize function of autonomous parking in limited area like parking lot. The autonomous parking function is based on deep learning algorithm and achieved by processing information received via SurroundView ADAS so as to produce a best parking route for autos to execute. Through its innovative solution to automobile market, Zongmu has already shipped multiple SurroundView ADAS in main stream OEM (original equipment manufacturer) automotive markets, becoming the leading SurroundView ADAS solution provider for China domestic market.
On one hand, the new round of financing contributes to help Zongmu transit from SurroundView ADAS to the objective of fully autonomous driving. On the other hand, it might potentially help to launch a revolution of driving experience in the coming age of 5G, which is corroborated by Shen Jing, the manager of Qualcomm Ventures, saying that "Qualcomm Ventures is glad to invest in Zongmu to accelerate pace of 5G revolution in auto industry."
Moreover, Tang Rui, the founder of Zongmu, further said, "This round of funding is of vital significance as it will not only boost the development of our technology, but will make contributions to explore more opportunities in both domestic and foreign markets as well."
By integrating AI and 5G technology into automobile, Zongmu is expected to demonstrate more potentials in the future.