Press Release

Xiaomi-backed fund invests in autonomous driving startup ZongMu Technology

Chinese autonomous driving startup ZongMu Technology announced on June 3 the completion of its Series D funding with a total of $190 million raised.

The newly-fulfilled financing was advanced in three tranches. Notably, the D3 round was led by Xiaomi Changjiang Industrial Fund, a fund backed by Chinese smartphone giant Xiaomi.

ZongMu Technology said it is among the first companies Xiaomi invested in after the smartphone maker announced its foray into intelligent EV domain on March 30.

As a provider of ADS (autonomous driving system) and ADAS (advanced driver assistance system)-related technologies and products, ZongMu Technology has built full-stack technologies that covers the entire process from basic R&D to volume production application, said the company. It has already formed the ability to supply corresponding products, including ADS/ADAS (domain) controllers, cameras, millimeter-wave radars, ultrasonic radars, as well as algorithms and cloud services for core perception, localization and mapping. The company works on businesses including intelligent driving system, high-power wireless charging facilities for new energy vehicles (NEVs), and the products and services for smart city.

ZongMu Technology has teamed up with many Chinese automakers to offer them autonomous driving technologies. Its autonomous valet parking technology has been applied in a number of vehicle models like the Hongqi E-HS9, the Dongfeng VOYAH FREE, and the UNI series of Changan Automobile. The company announced in late March that it had contracted with Meituan to supplier the latter with 4D millimeter radars.

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