Xiaomi is one of the most famous smartphone brands globally. Later in March the brand has introduced its first-ever folding smartphone, Mi Mix Fold, and is now preparing to launch a new phone with under-display camera technology.
However, the organization not only manufactures mobiles but also earphones, watches, bands, TVs, speakers, air conditioners, and other home appliances. Recently, the company has declared that Xiaomi Group is looking to expand its business by manufacturing its first car.
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Meanwhile now, Xiaomi-backed Fund invests in the Chinese self-driving vehicle system developer Zongmu. The company has recently raised 190 million US Dollars in its series D funding round.
As per a report by CaixinGlobal, Zongmu completed the investment in three phases, with the final tranche led by the Hubei Xiaomi Yangtze River Industrial Fund, an investment fund backed by Xiaomi.
However, Japanese auto-part maker Denso, Jadex Capital, Cowin Capital, Qualcomm Ventures, and Fosun Capital also joined the round. The funding will give Zongmu the chance to work with Xiaomi to explore more uses of its autonomous driving technology.
If you don’t know, Zongmu was founded in 2013. It always focuses on developing autonomous driving and advanced driver assistance technologies and products related to positioning and mapping.
