On Monday, ZongMu Tech, a self-driving start-up, announced that it had obtained 1 billion yuan in an E-round of financing. The lead investor was Dongyang Guanding and co-investors included Yuanhai Fund, Sunic Capital, Zeal Capital, Fellow Partners, Qingdao Yuanying, Taiyou Fund. Existing shareholders Huzhou Huantaihu Group and Chuangtu Capital also joined the investment round.
Founded in 2013, ZongMu Tech is a leading provider of automated driving and advanced driving assistance system (ADAS) products and technologies in China. It was one of the first automated driving companies in China to be awarded contracts for L4-level mass production projects by OEMs. Given the company’s full-stack capabilities ranging from core algorithms to system design and from domain controller products to sensors, ZongMu Tech has secured partnerships with many first-tier mainstream OEMs for the mass production and provision of a wide range of products and services for autonomous driving.
ZongMu Tech continues to develop intelligent driving systems, including L4 autonomous valet parking (AVP), automatic parking system (APA), 360-degree surround view advanced driver assistance system (ADAS), and ZATLAS full-stack high precision mapping. Its smart city solution brings together the management of the ever-changing data of a city’s street parking business while also providing government managers with urban traffic intelligence research and judgment services based on information technology such as the Internet of Things, cloud computing, data mining and decision analysis.
Tang Rui, founder and CEO of ZongMu Tech, talked about the company’s plans for the future: “Automated driving has hit its midpoint, and it is systematic R&D and mass production delivery capabilities that have become the core components of a competitive edge. Besides this round’s investment to help accelerate our R&D investment in the mass production project of automatic driving, we will construct an industrial park in Dongyang, Zhejiang with an annual support of 2 million automatic driving systems.”
Tang Rui previously revealed to ChinaStarMarket that the company is considering applying for an IPO on the Shanghai Sci-Tech Innovation Board (STAR Market) within this year.