10 months after securing its last funding round, Zongmu Technology, a Chinese autonomous driving startup announced that it has closed a Series E funding round of more than $157 million.
Dongyang State-owned Assets Investment Co and Zhejiang Caitong Capital Investment Co, are some of Zongmu's main investors, with other investors including Sunic Capital, Zuoyu Capital and others.
With the additional financing, Zongmu Technology will accelerate the development of autonomous vehicle systems projected for mass production.
In addition, funds from this latest round will be used to build a campus in Dongyang, Zhejiang province, capable of supplying self-driving systems for 2 million vehicles per year.
Zongmu is a Shanghai-based company founded in 2013. In 2017, Zongmu released its AVP (Autonomous Valet Parking) technology.
Zongmu is a supplier of ADS (Autonomous Driving System) and ADAS (Advanced Driving Assistance System) technologies. Its products include ADS/ADAS (domain) controllers, cameras, millimeter wave radars and ultrasonic sensors.
On June 3 last year, Zongmu Technology announced the completion of its Series D funding round with a total funding of $190 million.
Zongmu is considering listing on China's Nasdaq-style sci-tech innovation board, known as the STAR marketplace.