ZongMu Technology Co., which has been developing autonomous parking and driving capabilities, has raised $190 million (U.S.) in Series D funding. The Shanghai, China-based company said it will work with international partners to form a complete product line, from semiconductors and sensors to manufacturing, for assisted and autonomous driving.
Founded in 2013, ZongMu has six research and development centers across China and in Stuttgart, Germany, as well as two factories in China. The company supplies advanced driver-assistance systems (ADAS) such as lane departure and blind-spot detection to customers including BAIC Group, Chang'an Automobile, FAW Group, Geely, and Li Auto.
ZongMu focuses on autonomous parking
ZongMu's products include the SurroundView vision system, the ZATLAS learning and simulataneous localization and mapping (SLAM) technology, and the ZEALOUS cloud-based autonomous driving system.
In addition to wireless charging for electric vehicles, ZongMu is working on Level 4 autonomous parking as a service. The company claimed to be “the first autonomous-driving company in China to receive a fixed-point contract for L4 mass production.”
“Automatic parking can be complemented by other value-added services like vehicle charging and washing,” said Rui Tang, CEO of ZongMu. “There is a strong possibility that parking services will become our main business in the future.”
Investors raise valuation
ZongMu has raised a total of $219.1 million over four rounds, and its latest funding brings its valuation to $11 billion, according to Crunchbase. Smartphone maker Hubei Xiaomi Chanjiang Industrial Investment Fund Management, which recently entered the electric vehicle market, led the Series D3 round.
Cowin Capital and Goayuan Capital led the Series D2 round, and Denso Corp. led the first tranche. Other investors included Legend Capital and Qualcomm Ventures.
There could be as many as 8 million driverless cars on the roads by 2025, and the global market for autonomous vehicles could reach $677.7 billion by 2026, according to ABI Research.