China-based autonomous driving technology developer Zongmu Technology closed a $190m series D round today featuring several corporate investors.
Automotive component producer Denso led the series D1 close, investing alongside construction firm Huantaihu Group, Jadex Capital and Liangjiang Capital, while the series D2 round was co-led by venture capital firm Cowin Capital and private equity firm Gaoyuan Capital.
Hubei Xiaomi Changjiang Industrial Fund, a vehicle for consumer electronics manufacturer Xiaomi, led the series D3 tranche, which included Qualcomm Ventures, the corporate venturing arm of chipmaker Qualcomm.
The third close was filled out by Legend Capital, the venture capital firm formed by conglomerate Legend Holdings, as well as an unnamed private equity fund managed by conglomerate Fosun Group, financial services firm Industrial Bank, the state-owned Shanghai S&T Investment and Jadex Capital.
Founded in 2013, Zongmu designs and manufactures technology used in advanced driver assistance systems including controllers, cameras, radars, ultrasonics, maps and other artificial intelligence algorithm and cloud-enhanced tools.
Rui Tang, Zongmu’ founder and CEO, told Bloomberg: “As a high-tech firm, we for sure hope and are actively preparing for a potential initial public offering on the [Shanghai Stock Exchange’s Star Market].”
Qualcomm Ventures had led a $14.5m series C-plus round for the company in mid-2019 that included Legend Capital and Jungle Ventures.
Logistics group Xiamen C&D led a series C round sized at tens of millions of yuan for Zongmu in 2018, after Legend Capital co-led a $14m series B round the previous year that also featured Dyee Capital.
