Xiaomi-backed self-driving system developer Zongmu raises $157m Series E round

Zongmu Technology has closed over 1 billion yuan ($157.1 million) in a Series E round of financing as the Chinese autonomous driving systems developer plans to build a new production plant in eastern China.

Chinese state-backed fund Dongyang State-Owned Assets Investment led the Series E round, Zongmu announced in a post on its official WeChat account on Monday.

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