The Shanghai-based startup is a pioneer in mass production of autopilot products and services
Autopilot provider Zongmu Technology has raised over CNY 1 billion in its Series E financing round. Guanding Equity Investment led the round and eight other institutions followed suit.
They include Yuanhai Fund, Sunic Capital, Zuoyu Capital, Fellow Capital, Yuanying Capital, Taiyou Fund, Huantaihu Company ad Chuangtu Investment.
Funds raised from this round will be used to accelerate R&D spending on an autonomous driving mass production. Besides, the startup will also build an industry park in Dongyang, a city in eastern China’s Zhejiang Province, with an annual capacity of 2 million sets of its self-driving system, according to Tang Rui, founder and CEO of Shanghai-based Zongmu Technology.
“Autonomous driving has entered mid game, the key competence in this phase lies in the systematic R&D and mass production delivery abilities,” said Tang. “I want to thank several new investors to join Zongmu’s shareholder list and accelerate our delivery capacity buildup from ‘1 to N’.”
Founded in 2013, Zongmu Technology is a leader of autonomous driving and an ADAS (advanced driver assistance system) service and product provider. The company is also one of the first batch of autonomous driving enterprises that landed contracts with OEMs in China on L4-level mass production.
Based on full stack abilities from core algorithm and system design to domain controller products and sensors, Zongmu Technology has teamed up with many mainstream OEMs to provide a variety of products and services for autonomous driving.