Legend Capital’s Portfolio Company ZongMu Raises Over RMB1 billion in Series E Round

On 28 March 2022, ZongMu Technology (Shanghai) Co., Ltd. (hereinafter referred to as "ZongMu Technology") announced officially that it has completed the Series E round of financing with over RMB1 billion ($157.1 million) as the company plans to build a new production plant in eastern China.

Founded in 2013, ZongMu Technology is China’s leading technology and product supplier of ADS (Autonomous Driving System) and ADAS (Advanced Driving Assistance System). It has formed the capabilities of R&D and mass production of ADS/ADAS (domain) controllers, cameras, millimeter wave radars and ultrasonics, as well as core perception, positioning, maps, and cloud service products. ZongMu Technology’s business segment covers smart driving systems, smart sensors, smart city products and services, and wireless charging products for high-power new energy vehicles. ZongMu Technology is one of China's first autonomous driving companies that obtained a fixed-point contract for L4 mass production project and has established mass production partnerships with amounts of mainstream domestic OEMs such as FAW Hongqi and Chang’an Automobile.

Tang Rui, the founder and CEO of ZongMu Technology, said, “The race in China’s self-driving industry is half done. The core competitiveness that we are racing for at this stage is whether the company can systematically continue its R&D, mass production, and delivery.” ZongMu Technology plans to use the proceeds to speed up the R&D of its self-driving mass production project. It will also spend the fresh capital on building a production base in eastern China’s Dongyang City, Zhejiang Province, to produce 200 million sets of autonomous driving systems per year.

Legend Capital led ZongMu Technology’s Series B round of financing in 2017, and continued to support its development by re-upping ZongMu’s subsequent financing rounds of Series C, Series C+ and Series D.

Legend Capital has a systematic investment layout in the field of the self-driving system. Autonomous driving technology is a key direction for the future development of the global automobile industry. We are optimistic about the future development of ZongMu Technology and believe it will become the industry leader.