ZongMu, a Chinese start-up that wants to industrialize autonomous driving systems, has announced that it has raised 190 million dollars. A series D fundraiser carried out in three rounds of funding, the last of which was led by an investment fund from Xiaomi, reports Bloomberg.
A “Valet Parking” system
The start-up, founded in 2013, focuses on autonomous driving and advanced driver assistance systems. It has R&D centers in Beijing, Shanghai, Xiamen as well as in Stuttgart, Germany. His research is based in particular on simultaneous localization and mapping technologies (SLAM). ZongMu claims to have already entered into strategic partnerships with several Chinese manufacturers.
For example, ZongMu provides an intelligent parking system, or “Valet Parking”, to China FAW Group which installed the system on one of its SUV models. ZongMu wants to offer SAE level 4 systems starting this year, which will allow users to send instructions for parking via an app, and the car will park autonomously in the chosen place.
“Technologies involving computer vision algorithms and high precision sensors can also be used for other scenarios such as providing cloud services, autonomous driving on highways.”Bloomberg founder and CEO Rui Tang said. “All of these markets offer great growth potential”, he added.
Smartphone sellers eyeing the car
This young shoot is one of the first in which Xiaomi has invested since the smartphone maker announced a $ 10 billion plan to get into electric vehicles. He’s not the only smartphone maker eyeing the industry, which sees software growing in importance in cars. Huawei also recently announced that it wanted to enter the electric and autonomous vehicle market.
These Chinese manufacturers are following in the footsteps of Apple, which has been working for many years to develop an autonomous driving system and recently seems to be looking for a manufacturer on which to rely to produce a vehicle.