ZongMu Tech Raises USD 190 Mn in Series D

Technology Author: Fuller Wang Jul 01, 2021 06:04 PM (GMT+8)

The ADS and ADAS provider has built cooperative relationships with several large auto makers.

Automatic driving vision

On July 1, 2021, ZongMu Tech announced that it had completed series D financing and raised USD 190 million, which includes three stages and a heavy-hitting selection of reputable PE/VC funds, such as Xiaomi Changjiang Industry Fund, Nippon Denso, Cowin Capital, Gaoyuan Capital, Legend Capital, Qualcomm Ventures and Jadex Capital.

Founded in 2013, ZongMu Tech is an autonomous driving system (ADS) and advanced driving assistance system (ADAS) provider. The company also provides high-power new energy vehicle wireless charging products. At present, ZongMu Tech has built six centers and two factories in China and Stuttgart, with more than 700 employees. The company has attracted several famous customers, including FAW, Changan, BAIC, Geely and Li Auto.

Xiaomi Group revealed the plan to enter the intelligent electric vehicles sector in March this year. ZongMu Tech is one of the first companies that Xiaomi invested in. ZongMu Tech said that, through this investment, they expect to carry out multi-dimensional cooperation in Xiaomi. According to the CEO of ZongMu Tech, the company is developing intelligent driving systems for high-speed scenarios and will ultimately realize full-scenario applications.