Qualcomm Ventures, the corporate venturing arm of mobile chipmaker Qualcomm, has led a RMB100m ($14.5m) series C-plus round for China-based self-driving technology producer Zongmu Technology.
Legend Capital, the venture capital firm formed by conglomerate Legend Holdings, also took part in the round, as did VC firm Jungle Ventures.
Founded in 2013, Zongmu is developing tools for use in advanced driver assistance systems (ADAS), such as 2D and 3D panoramic vision, autonomous parking and driving recording technology.
The capital will support the expansion of the company’s product range through partnerships with international ADAS semiconductor technology producers.
Shen Jin, managing director of Qualcomm Ventures, said: “Zongmu Technology has become a leading company providing self-driving and ADAS solutions in China. We are excited to participate in the investment to help further accelerate the revolution of driving experience in the 5G era.”
Supply chain services provider Xiamen C&D led a series C round for the company in 2018 that was in the eight-figure renminbi range, according to China Money Network.
Legend Capital had co-led Zongmu’s $14m series B round the year before, investing alongside private equity firm Dyee Capital.