Cosco Shipping Development was among the investors in a round set to boost the self-driving technology developer’s research and development activities.

China-based autonomous driving technology developer Zongmu Technology has secured over RMB1bn ($157m) in a series E round featuring a fund backed by shipping firm Cosco Shipping Development, Bloomberg reported yesterday.

Donyang State-Owned Assets Investment and Zhejiang Caitong Capital Investments co-led the round, which included Sunic Capital, Zuoyo Capital and China Cinda Asset Management.

Founded in 2013, Zongmu designs and produces technology such as cameras, sensors, radars, mapping and artificial intelligence technology to support self-driving systems.

The company plans to use…

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Fernando Moncada Rivera

Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
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