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Zongmu Technology

Autonomous-driving hardware / ADAS softwareChina
New to Unitard
πŸ’€ Dead / Bankrupt
PeakΒ $1.42 BillionToday
~-100%
from peak
  1. πŸ¦„
    Became a unicorn
    Mar 2022
  2. πŸ“ˆ
    Peak valuation
    $1.42 Billion ’22
  3. πŸ’”
    Became a Unitard
    Feb 2025
  4. πŸ’Έ
    Last valuation
    Wiped out
Capital raised
$340M
Total raised
$76.8K/day
Raised per day

Total raised averaged per day over approximately 12.1 years from founding to bankruptcy or shutdown. This is not measured cash burn. Methodology

Funding: Jiemian: RMB 2.247B over 10 rounds (β‰ˆ $340M)
Current status
In court-supervised bankruptcy reorganization (Shanghai Pudong New Area People's Court accepted the case Apr 28, 2025; administrator AllBright Law Offices); operations halted since Feb 2025; administrator recruiting investors since Aug 2025

The rise & fall

9 moments Β· 2013–2025

The key moments.

Jan 10 ’13
Founded in Shanghai
Tang Rui starts Zongmu to build surround-view cameras, sensors and automated-parking systems for carmakers.
Bankruptcy administrator notice
Jun 3 ’21
$190M Series D with Denso and Xiaomi
Denso leads D1 and a Xiaomi fund leads D3; Qualcomm Ventures follows on. Production deals with FAW Hongqi and Changan.
PEdaily
Mar 2022
The peak: Series E at about RMB 9B$1.42B
Zongmu raises RMB 867M at RMB 93.56 a share, led by Dongyang Guanding; Jiemian puts the valuation at about RMB 9B ($1.42B).
Jiemian
Sep 2023
STAR Market IPO terminated
The Shanghai listing bid filed in late 2022 ends; losses were RMB 416M in 2021 on RMB 227M of revenue.
36Kr
Mar 28 ’24
Hong Kong IPO filing lapses
The Hong Kong main-board application expires after six months without a listing.
NBD
Feb 2025
Work halts as wages go unpaid
December pay is missed, staff describe a suspended company, the HQ loses water and power and Shanghai sets up a task force on Feb 7.
NBD
Apr 10 ’25
Files for bankruptcy β€” joins the Unitard Club πŸ’”
Zongmu itself files a bankruptcy review case at the Shanghai Pudong New Area People's Court.
Laoyaoba
Apr 28 ’25
Court accepts bankruptcy reorganization
The Pudong court accepts the reorganization; AllBright Law Offices is named administrator the next day.
Bankruptcy administrator notice
Aug 4 ’25
Administrator seeks reorganization investors
Bids are invited through October 2025; 310 employees have lodged wage claims of RMB 70M.
Bankruptcy administrator notice
$1.42Bof peak value erased Β· 12 years

How it happened

Zongmu Technology, founded in Shanghai in 2013 by Tang Rui, built driver-assistance and automated-parking systems for carmakers such as Changan, FAW Hongqi and Li Auto. Denso and a Xiaomi fund backed a $190M Series D in 2021.

A March 2022 Series E raised RMB 867M at RMB 93.56 a share, which Jiemian said valued it at about RMB 9B ($1.42B). It raised about RMB 2.25B over ten rounds and lost about RMB 1.6B from 2021 to 2023, while listing attempts in Shanghai and Hong Kong lapsed.

Wages went unpaid from late 2024, and by February 2025 the company had halted work. It filed for bankruptcy on April 10, 2025, and a Shanghai court accepted a reorganization on April 28, 2025.

Source: Jiemian (Nov 2023): Series E in Mar 2022 raised RMB 867M at RMB 93.56/share, valuing the company at about RMB 9B (β‰ˆ $1.42B at β‰ˆ 6.35/$); RMB 2.247B raised over 10 rounds; net losses RMB 434M (2021), 588M (2022), 564M (2023). 36Kr (Sept 28, 2023): Series E led by Dongyang Guanding, pre-money RMB 8B; STAR Market IPO terminated. PEdaily (June 3, 2021): $190M Series D (Denso, Xiaomi's Changjiang fund, Qualcomm Ventures). NBD (Feb 12, 2025): December 2024 wages unpaid, company in a suspended state, HQ without water and power, Shanghai task force set up Feb 7, 2025. Laoyaoba citing Tianyancha (Apr 12, 2025): company-filed bankruptcy review case at the Pudong court on Apr 10, 2025. Administrator's investor-recruitment notice on the national bankruptcy information site (Aug 4, 2025): ruling (2025)ζ²ͺ0115η ΄60号 of Apr 28, 2025 accepted the reorganization; Shanghai AllBright Law Offices appointed administrator Apr 29, 2025; 310 employee claims totaling RMB 70.05M; founded Jan 10, 2013.

Where they went

  • Tang Rui
    founder & CEO (led at peak)
    Founder and CEO at Cantron Robotics
    LinkedIn β†—

Current roles as self-reported on LinkedIn, retrieved 2026-10-22. See our methodology.

Disclosed investors (20)

Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.

* Lead in a funding round Β· Crunchbase β†— Β· 2026-10-22 Β· Methodology Β· Leaderboard

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