Zongmu Tech raises RMB1 billion in Series E, to build industrial park in Zhejiang

Beijing (Gasgoo)- China’s autonomous driving startup Zongmu Tech announced the completion of its Series E investment round on March 28th, raising over RMB1 billion ($157.09 million).

Photo credit: Zongmu Tech

The round was led by Dongyang Guanding, a state-owned private equity investment fund targeting Zongmu Tech exclusively. Participants of the round include COSCO Shipping-backed Yuanhai Fund, Sunic Capital, one of the earliest integrated circuits investing capital ventures in China, and others.  

According to the founder and CEO of Zongmu Tech, Tang Rui, at the current stage of development, the autonomous driving competition is determined by each company’s systematic R&D ability and mass production/delivery capability. The recognition and investments from its shareholders will strengthen Zongmu Tech’s delivery capability from 1 to N. 

The CEO disclosed that the funds will be put towards accelerating its mass-produced project R&D. Moreover, the company plans to build an industrial park that allows a designed production capacity of 2 million autonomous driving systems annually, in Dongyang city, Zhejiang province. 

Founded in 2013, Zongmu Tech was one of the first Chinese autonomous driving companies that landed L4 mass production orders from automakers. The company holds comprehensive R&D capability from algorithms, system design, domain controllers, and sensors.