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. Japan’s Denso Corp., Fosun Capital Group, Qualcomm Ventures and a fund backed by Chongqing Changan Automobile Co. also invested in this round. The startup is considering a listing on the Nasdaq-like STAR board exchange in Shanghai, according to Rui Tang, Zongmu’s founder and chief executive officer. Founded in 2013, the Shanghai-based company focuses on autonomous driving and advanced driving assistant system technologies and products, according to its website. “The technologies involving machine vision algorithms and high precision sensors can also be applied to other scenarios such as cloud services, autonomous driving on highways," Tang said.

Source: Mint June 03, 2021 07:07 UTC