(Yicai Global) March 29 -- Zongmu Technology, a Chinese developer of autonomous driving and advanced driver assistance systems, has banked CNY1 billion (USD157 million) in its latest financing round.

The Series E fundraiser was led by Dongyang Guanding Equity Investment Partnership under the state-owned assets manager of Dongyang city in Zhejiang province, Shanghai-based Zongmu said yesterday. Yuanhai Fund and existing shareholders Huzhou Huantaihu Group and Chuangtu Venture Capital also took part.

The proceeds will be used to expedite research and development of self-driving mass production projects and build an industrial park with an annual capacity of two million autonomous driving systems in Dongyang, founder and Chief Executive Officer Tang Rui said.

“The autonomous driving industry is a halfway competitive market,” Tang noted. “Systematic R&D and mass production delivery capabilities have become the core competitiveness at this stage.”

Zongmu, which was one of China’s first designated self-driving startups to win a contract for level four mass production projects, completed a USD190 million Series D financing round led by Xiaomi Changjiang Industrial Investment Fund last June.

Founded in 2013, Zongmu develops and makes sensor hardware such as millimeter-wave radar, ultrasonic radar, and around view cameras. The firm has production bases in Xiamen in Fujian province and Huzhou in Zhejiang, and R&D centers in many cities including Shanghai.

Its products have been factory-installed in several vehicle models from FAW Group’s luxury car brand Hongqi, Changan Automobile Group, and Geely Holding Group.

Editor: Futura Costaglione