The Chinese self driving vehicle system developer Zongmu recently raised 190 million US Dollars in its series D funding round, which also had the Xiaomi backed Fund invest in the company.
According to a CaixinGlobal report, Zongmu executed the financing in three stages, with the last round being led by the Hubei Xiaomi Yangtze River Industrial Fund, an investment fund backed by the Chinese smartphone maker. The news arrives from a statement from the automotive system developer earlier this week. Notably, this investment round also included the likes of Denso, Jadex Capital, Cowin Capital, Qualcomm Ventures, and Fosun Capital also joining in.
The sizeable investment into the firm is indicative of the growing investor interest in industry that has been presenting an economic opportunity. This funding will also enable Zongmu to possibly work with Xiaomi to explore the uses of its autonomous driving technology, as per the statement. Interestingly, the news arrives as the smartphone maker announced its plans on venturing into the smart car market, unveiling its plans back in March 2021.
This would have the brand join the likes of other tech giants like Baidu and Huawei that have also shown interest in the smart car market in recent times. For those unaware, Zongmu was founded back in 2013 and focuses on developing autonomous driving and advanced driver assistance technologies and products related to positioning and mapping as well. The company is also known for its automated valet parking system, which can be found in an SUV model made by China FAW Group.
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