Qualcomm and Xiaomi Pour USD 190 Mn into autonomous driving startup Zongmu technology

Zongmu conducted the series D fundraising in three stages; Hubei Xiaomi Changjiang Industrial Investment Fund Management Co. led the third phase of the round, according to a statement on Thursday. Japan’s Denso, Fosun Capital, Qualcomm Ventures and a fund backed by Chongqing Changan Automobile also invested in this round.

Rui Tang, founder and CEO of Zongmu technology, said that Zongmu technology will continue to strengthen in-depth cooperation with international mainstream ADAS and autonomous driving semiconductor partners to form a complete product line from auxiliary driving to automatic driving.

Talking about listing plans Tang said without providing details on the listing plans that “As a high-tech firm, we for sure hope and are actively preparing for a potential initial public offering on the STAR board.”

Zongmu also counts some of China’s biggest automakers such as Geely, BAIC and FAW among its partners, its website shows.

The startup is one of Xiaomi’s first bets on the automotive arena since the smartphone maker announced a USD 10 billion plan to build electric vehicles. Xiaomi was also one of the investors weighing an investment in Black Sesame Technologies, an AI chip designer for cars in China. 

Source: https://equalocean.com/

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