Autonomous driving

ZongMu hopes for pole position with Qualcomm investment

Tensions between China and the US have not stopped the US chip manufacturer from investing in Chinese self-driving tech firm ZongMu.

Shanghai-based autonomous driving startup ZongMu Technology said on Monday that it had completed its $14.5 million follow-on Series C investment.

Qualcomm Ventures led the round with participation from Legend Capital, the venture capital arm of Lenovo Group, and Chuangtu Investment.

Although the Trump government had ordered Qualcomm to stop selling sensitive technology to Chinese companies, this did not prevent the US chip manufacturer from investing in the Chinese startup. Given that 61% of Qualcomm's revenues come from the Chinese market, it is essential for the company to have an open mind on Chinese startups.

The follow-on investment comes a year after...

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