Zongmu Valuation, Funding & Investors

Zongmu is valued at $146M as of July 2019.

Last Zongmu valuation

$146M

Series C · Jul 2019

Last Zongmu funding round

$158M

Series E · Mar 2022

Cumulative funding Zongmu raised

$377M

across 4 funding rounds

Key investors in Zongmu

  • Qualcomm Ventures
  • Legend Capital
  • Cowin Capital
  • Fosun Capital
  • Caitong Capital
  • Dyee Capital

Zongmu Overview

About Zongmu

Zongmu is a Shanghai-headquartered advanced driver assistance systems provider with core expertise in SurroundView camera technologies. Founded in January 2013 in Pudong Zhangjiang Hi-Tech Park, the company operates R&D centers in Beijing and Shenzhen. Zongmu supplies multi-camera ADAS solutions to leading Chinese OEMs like Great Wall Motors and Chery, holding the top market share in domestic SurroundView deployments through partnerships with Tier 1 suppliers such as Huawei and Bosch.


Founded

2013

HQ

ChinaShanghai

Status

Privately held

Customer focus

B2B

Revenue model

Product sales, Subscription

Valuation

$146M (Jul 2019)

Zongmu Valuation

Zongmu is currently valued at $146M, based on its Series C in July 2019. Read the announcement ↗

The $15M round was led by Qualcomm Ventures, with participation from Cantor Jungle and Legend Capital.

Zongmu valuation by funding round

Zongmu valuation by funding round
DateStageValuation
Jul 2019Series C$146M

Zongmu Funding History

Zongmu has raised a total of $377M across 4 funding rounds.

Zongmu's first fundraising round was a $15M Series B in February 2017. The most recent completed round was a $158M Series E in March 2022.

Zongmu funding rounds

Zongmu funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Mar 2022Series ECaitong Capital (lead); Dongyang State-Owned Assets Investment (lead); Sunic Capital; COSCO SHIPPING; Jianmu Investment; Zuoyu Capital; China Cinda Asset Management$158M-Zongmu Technology is a Qualcomm-backed Chinese autonomous driving startup specializing in advanced driver assistance systems (ADAS) and self-driving technologies, including high-precision millimeter-wave radar, ultrasonic sensors, and AVP parking solutions that function regardless of light conditions. The company partners with automakers like Changan and JAC, whose models achieved top spots in self-driving contests, and was considering an IPO on China's STAR market as of mid-2021. On March 28, 2022, Zongmu closed its Series E funding round raising over RMB 1 billion ($157 million), led by Dongyang Guanding—a joint entity of Dongyang State-Owned Assets Investment Co. and Zhejiang Caitong Capital Investment Co. (Caitong Capital)—with participation from Sunic Capital, Zuoyu Capital, COSCO Shipping Lines, China Cinda Asset Management, CNCB Investment, China Fellow Partners, Huzhou Huantaihu Group, and Taiyou Fund. This followed a Series D round totaling $190 million completed in June 2021, bringing cumulative funding to approximately $368 million across nine rounds by that point. Proceeds from the Series E were allocated to accelerate R&D for self-driving mass production projects and to construct a production campus in Dongyang, Zhejiang province, capable of supplying autonomous driving systems for 2 million vehicles annually. Sources list a post-money valuation around $11.3-11.4 billion USD, though one ties it explicitly to a prior June 2021 round. Zongmu operates in China's competitive autonomous driving sector, emphasizing mass production scalability and integration with major OEMs.
Jun 2021Series DHubei Xiaomi Changjiang Industrial Investment Fund Management (lead); Qualcomm Ventures; Jadex Capital; Cowin Capital; Denso; Fosun Capital; Changan Automobile$190M-ZongMu Technology is a Shanghai-based autonomous driving system developer founded in 2013 that specializes in autonomous driving systems (ADS), advanced driver-assistance systems (ADAS), and related technologies including positioning, mapping, controllers, cameras, millimeter-wave radars, and ultrasonic sensors. The company's flagship product is an autonomous valet parking system, branded as Parking-as-a-Service, which was released in 2020 and has been deployed in vehicle models including the Hongqi E-HS9, Dongfeng VOYAH FREE, and Changan Automobile's UNI series. ZongMu also provides wireless charging capabilities for electric vehicles and offers smart city services. In June 2021, ZongMu closed a Series D funding round totaling $190 million across three tranches. The Series D3 round was led by Hubei Xiaomi Changjiang Industrial Investment Fund Management Co., which marked one of Xiaomi's first investments in the automotive sector following the tech giant's announcement of its entry into electric vehicle manufacturing in March 2021. Other investors included Denso (D1 tranche), Cowin Capital (D2 tranche), Fosun Capital Group, Qualcomm Ventures, Jadex Capital, Legend Capital, and Changan Automobile. The company counted major Chinese automakers as partners and customers, including Li Auto, Chang'an Automobile, Geely, FAW Group, BAIC, and SAIC. ZongMu maintained six research and development centers in Beijing, Xiamen, Chongqing, Shenzhen, and Sri Lanka, along with manufacturing facilities in Xiamen and Fuzhou, with approximately 600 employees at the time, 80% of whom were R&D staff. Following the Series D round, ZongMu CEO Tang Rui indicated the company was actively preparing for a potential initial public offering on Shanghai's Science and Technology Innovation Board (STAR Market). The company positioned itself to deepen collaboration with Xiaomi across its smart ecosystem while continuing to strengthen partnerships with international semiconductor and autonomous driving technology providers.
Jul 2019Series CQualcomm Ventures (lead); Cantor Jungle; Legend Capital$15M$146MZongmu Technology, a China-based autonomous driving technology developer founded in 2013, announced completion of its Series C+ funding round on July 1, 2019, led by Qualcomm Ventures with participation from Legend Capital. The round raised nearly RMB100 million (approximately $14.5 million USD). The company designs and produces autonomous driving technology including cameras, sensors, radars, mapping, and AI systems for self-driving applications.
Feb 2017Series BLegend Capital (lead); Juntong Capital; Dyee Capital$15M-Zongmu Technology, a Shanghai-based startup focused on self-driving technology, raised RMB 100 million (US$14 million) in a Series B funding round co-led by Legend Capital and Deyi Capital (Dyee Capital) around February 27, 2017. Juntong Capital participated as an investor in this round. The funding supported the company's development in autonomous driving technologies, including sensors and systems for intelligent vehicles. This round followed Zongmu's earlier seed and Series A financings, positioning it as an early player in China's driverless tech sector. Legend Capital highlighted the investment as part of its strategy in self-driving startups, emphasizing the importance of timing in the evolving auto industry. Zongmu later progressed through multiple subsequent rounds, including Series D and E, raising hundreds of millions more from investors like Qualcomm Ventures and Xiaomi-backed funds.

Who has invested in Zongmu?

18 investors have backed Zongmu across its funding rounds, including Qualcomm Ventures, Legend Capital, Cowin Capital, Fosun Capital, Caitong Capital and Dyee Capital.

Lead investors include Caitong Capital, Dongyang State-Owned Assets Investment, Hubei Xiaomi Changjiang Industrial Investment Fund Management, Qualcomm Ventures and Legend Capital.


Zongmu Investors

Investors in Zongmu by funding rounds participated
InvestorHQRoundsRoleFirst check
Qualcomm VenturesUnited StatesSan Diego, CA2LeadJul 2019
Legend CapitalChinaBeijing2LeadFeb 2017
Sunic CapitalChinaShanghai1ParticipantMar 2022
Jadex CapitalChinaShanghai1ParticipantJun 2021
COSCO SHIPPINGChinaShanghai1ParticipantMar 2022
Hubei Xiaomi Changjiang Industrial Investment Fund ManagementChinaHubei1LeadJun 2021
Juntong CapitalChinaShanghai1ParticipantFeb 2017
Dongyang State-Owned Assets InvestmentChinaChina1LeadMar 2022
Caitong CapitalChinaHangzhou1LeadMar 2022
Jianmu InvestmentChinaShanghai1ParticipantMar 2022
Cantor JungleChinaShanghai1ParticipantJul 2019
Zuoyu CapitalChinaBeijing1ParticipantMar 2022
Dyee CapitalChinaXiamen1ParticipantFeb 2017

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Zongmu Competitors

Zongmu competitors include listed companies like MotorK and AmeriTrust, and private ones like Fitow, Car Capital Technologies, Euler Motors and Secondmind.

Public and private companies comparable to Zongmu
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
FitowChinaTianjinPrivate--$137M-
Car Capital TechnologiesUnited StatesDallas, TXPrivate--$170M-
Euler MotorsIndiaIndiaPrivate$20M-$173M8.7x
SecondmindUnited KingdomCambridgePrivate--$122M-
MotorKItalyItalyPublicly listed$46M$841K$118M2.4x
AmeriTrustCanadaCanadaPublicly listed$1M($8M)$108M44.2x

Zongmu Public Comps

Zongmu is still privately-owned, but its public comps include DSC Holdings, MotorK, AmeriTrust, NETSOL Technologies, Smart Eye, BIMobject, Argo, Seeing Machines, Arbe Robotics and Autozi.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
DSC Holdings$102M($10M)1.1x-(11.9x)-
MotorK$46M$841K2.9x2.4x158.8x26.8x
AmeriTrust$1M($8M)107.2x44.2x(15.3x)(18.9x)
NETSOL Technologies$74M$8M1.1x1.0x10.2x12.1x
Smart Eye$41M$495K6.0x4.3x497.8x22.0x
BIMobject$17M($6M)3.2x-(9.7x)-
Argo$2M($10M)46.5x-(7.4x)-
Seeing Machines$62M($6M)4.7x3.3x(49.2x)40.8x

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Common questions about Zongmu

When was Zongmu founded?Zongmu was founded in 2013.
Where is Zongmu headquartered?Zongmu is headquartered in Shanghai, China.
Is Zongmu publicly listed?No, Zongmu is a private, VC-backed company.
What is Zongmu's valuation?Zongmu was last valued at $146M in its Series C in July 2019.
How much funding has Zongmu raised?Zongmu has raised $377M across 4 funding rounds.
What was Zongmu's last funding round?Zongmu's last funding round was a $158M Series E in March 2022, led by Caitong Capital and Dongyang State-Owned Assets Investment.
Who are Zongmu's investors?Zongmu's investors include Qualcomm Ventures, Legend Capital, Sunic Capital, Jadex Capital, COSCO SHIPPING, Hubei Xiaomi Changjiang Industrial Investment Fund Management, Juntong Capital, Dongyang State-Owned Assets Investment, Caitong Capital, Jianmu Investment and 8 others.
Which companies are comparable to Zongmu?Companies comparable to Zongmu include Fitow, Car Capital Technologies, Euler Motors, Secondmind, MotorK and AmeriTrust.

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