Legend Capital, the corporate venturing subsidiary of conglomerate Legend Holdings, has co-led a RMB100m ($14m) series B round for China-based self-driving technology producer Zongmu Technology, China Money Network reported yesterday.
The round was co-led by an unnamed China-based private equity firm. The deal followed Zongmu’s listing on the New Third Board on February 21.
Founded in 2013, Zongmu is working on self-driving technology, including self-parking systems, recording technology and 2D and 3D panoramic vision technology.
Zongmu has not released details about previous funding activities.
Fan Qihui, managing director of Legend Capital, said: “Advanced driver assistance system and self-driving technology are the important future directions of the global automotive industry. It is a potentially huge market.
“Legend Capital has been focused on emerging Chinese and global automotive high-tech enterprises that could become industry leaders, and we believe Zongmu has this potential.”