Xiaomi – China’s self-driving tech firm ZongMu Tech nets $190m from Xiaomi, Denso, others

ZongMu Technology (Shanghai) Limited Company, a Chinese self-driving tech firm, secured a total of $190 million in its Series D round of funding that was closed in three tranches, per an announcement.

The Series D1 round was led by Japanese automotive components manufacturer Denso Corporation with the participation of Liangjiang Capital, a Chongqing-based private equity firm with an AUM of 13.2 billion yuan ($2 billion), as well as property developer Huantaihu Group and existing backer Jadex Capital.

The Series D2 round was jointly led by Shenzhen-based Cowin Capital and Gaoyuan Capital.

Further, the Series D3 round was exclusively led by Hubei Xiaomi Changjiang Industrial Fund, a 12 billion yuan ($1.9 billion)-fund launched in 2017. It also attracted a slew of investors such as Industrial Bank, Shanghai S&T Investment, Fosun Group’s private equity arm and others, besides returning investors namely Legend Capital, Qualcomm Ventures and Jadex Capital.

ZongMu is considering a listing on the Nasdaq-style STAR board exchange in Shanghai, according to Bloomberg on Thursday.

With headquarter in Shanghai, an overseas R&D centre in Germany’s Stuttgart and manufacturing divisions in Xiamen and Huzhou, ZongMu has provided intelligent products and services for a slew of Chinese stellar auto groups such as Hong Qi, Changan Auto, and BAIC Group.