Autonomous driving startup ZongMu Technology completed a Series D financing round worth USD 190 million from investors including Denso, Cowin Capital, and LTW Capital. ZongMu counts Xiaomi Changjiang Industrial Investment Fund as a backer, and the fresh funds mark the first investment in China’s autonomous driving sector since Xiaomi’s entrance into the electric vehicle industry in March.
Founded in 2013, ZongMu provides its autonomous driving systems to clients like electric vehicle brand Li Auto, as well as major Chinese automakers Chang’an Automobile, Geely, and FAW Group. ZongMu has six research and development centers in Beijing, Xiamen, Chongqing, Shenzhen, and Sri Lanka, along with two factories in Xiamen and Fuzhou.
As of June 24, ZongMu was valued at USD 11 billion, per data from Crunchbase.
ZongMu released its L4 autonomous parking function in 2020. Parking-as-a-Service will be the earliest vertical within autonomous driving to be commercialized, according to ZongMu CEO Tang Rui. ZongMu also provides wireless charging capabilities for electric vehicles.
Tang believes that ZongMu can build its business in low-speed autonomous parking scenarios. “In addition, automatic parking can be complemented by other value-added services like vehicle charging and washing. There is a strong possibility that parking services will become our main business in the future,” Tang said at this year’s China Automobile Bluebook Forum.
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KrASIA Connection features translated and adapted content published by 36Kr. This article was originally written by Wang Yijin for 36Kr.