The funding will strengthen ZongMu's partnership with Xiaomi, which is launching an electric car business. Here are the top-line bullets you need to know.
ZongMu Technology, an advanced driver assistance system provider, has raised $190M in an extended Series D. The round drew participation from Xiaomi, Fosun Capital, and Industrial Bank, among others. The company closed the financing in 3 tranches, with this being the last.
How’s the company performing?
- Shanghai-based ZongMu Technology develops autonomous driving system (ADS) and advanced driver assistance system (ADAS) technologies, including controllers, cameras, millimeter-wave radars, and ultrasonic radars. It also offers autonomous valet parking systems, 2D and 3D panoramic vision systems, self-parking solutions, driving recording systems, and more.
- The company has an overseas research & development center in Stuttgart, Germany, along with manufacturing divisions in Xiamen and Huzhou.
- ZongMu has partnered with several Chinese automakers such as Hong Qi, Dongfeng’s premium brand Voyah, Changan Automobile, and BAIC Group to offer its products.
- The company is mulling a listing on the Shanghai Stock Exchange.
Source: ZongMu Technology
Why does the market matter?
- The global advanced driver assistance system market is expected to grow at a CAGR of 18.8% and reach a value of $77.8B by 2027, according to Global Industry Analysts.
- Nearly 18.43M automobiles on the road are expected to feature at least level 2 automation by 2024.
- The Covid-19 pandemic has given autonomous driving technology a boost since it provides a contactless, safe option for personal mobility, logistics, and delivery services.
