Chinese autonomous driving firm Zongmu Technology announced on Monday that it has raised nearly RMB100 million (US$14.57 million) in a series C+ round of financing led by Qualcomm Ventures, the venture investment arm of semiconductor and wireless technology giant Qualcomm.
Shanghai-based investment firm Jungle Investment and returning investor Legend Capital also participated in this round.
Founded in January 2013, Shanghai-based Zongmu Technology develops advanced driver assistance systems (ADAS), including 2D and 3D panoramic vision systems, self-parking solutions, and driving recording systems. The company has set up research and development subsidiaries in Beijing and Shenzhen.
The company’s autonomous valet parking (AVP) products can help drivers park vehicles based on the integration of intelligent driverless vehicles, smart garage infrastructures, and cloud-based services. The products allow drivers to leave vehicles in a drop-off area and use a mobile application to park or summon.
"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," said Shen Jin, managing director of Qualcomm Ventures.
Upon the completion of the new round, Zongmu Technology will strengthen its cooperation with international mainstream ADAS and autonomous driving semiconductor developers to form a complete product line varying from assisted driving to autonomous driving.
The company secured tens of millions of yuan in a series C round led by Chinese supply chain management firm Xiamen C&D Inc. in 2018. It also completed a RMB100 million (US$14.57 million) series B round from Legend Capital and Dyee Capital in 2017.