Deals
Xiaomi-Backed Fund Invests in Autonomous Driving Startup Zongmu
- The startup raised $190 million in a series D funding round
- It also counts Denso, Fosun and Qualcomm Ventures as backers
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An investment fund backed by Xiaomi Corp. is among a new slew of investors in Zongmu Technology Shanghai Co. as the Chinese autonomous driving system startup raised $190 million in its latest funding round.
Zongmu conducted the series D fundraising in three stages and Hubei Xiaomi Changjiang Industrial Investment Fund Management Co. led the third phrase of the round, according to a statement on Thursday. Japan’s Denso Corp., Fosun Capital Group, Qualcomm Ventures and a fund backed by Chongqing Changan Automobile Co. also invested in this round.