Recently, Shanghai Guosheng Capital Management Co., Ltd. made a strategic investment of CNY 300 million in PATEO CONNECT+ (PATEO). As a move of the large state-owned capital operation platform in Shanghai, this is not by accident.

As the earliest entrant to the Internet of Vehicles (IoV) field in China, PATEO, since its establishment 13 years ago, has been continuously deeply cultivating the automotive ecosystem, accumulating core technologies, specializing in the R&D of intelligent telematics system, and providing IoV products and services for mainstream automotive groups at home and abroad; has cumulatively invested more than CNY 1.8 billion in R&D, been keeping investing more than 30% of its operating revenue in it, possessed five core technologies in operating system (OS), intelligent voice, hardware, high-definition (HD) map and cloud platform, and applied for more than 5,700 IPRs, 82% of which are invention patents; boasting a client base that covers nearly 30 auto brands and nearly 100 vehicle models, with 200-plus vehicle variants iterated, and business extended to more than 30 countries and regions.

Shanghai’s 14th Five-Year Plan proposes to orient towards intelligent connectivity to enhance the unique characteristic, advantage and scale of the automotive industry, and places high hopes on it, deeming it a “big terminal” and a “new terminal” with high integration and strong traction.

A few days ago, Shanghai Municipal Commission of Economy and Informatization (SMCEI) launched a series of measures to promote the development of the intelligent connected vehicles (ICVs), and proposed to provide impetus for breakthroughs in the Terminal with “Three Intelligent” Features (Intelligent Drive, Intelligent Connectivity & Intelligent Cockpit) (hereinafter referred to as “Three-Intelligence-Featured” Terminal) and support focused efforts to tackle key problems in environmental perception, algorithms for decision making, controlling execution, in-vehicle interactive terminal, HD map, Road Side Unit (RSU), information security, etc. PATEO, which has long made overall arrangements in this field, becomes the biggest beneficiary and a strong competitor of the “Three-Intelligence-Featured” Terminal plan. It is reported that Shanghai will formulate the Action Plan of Shanghai Municipality for the Development of the Intelligent Connected Vehicle Terminal Industry to accelerate jockeying for position on the new race track of the IoV. 

Just as Shou Weiguang, Secretary of the Party Committee and Chairman of Shanghai Guosheng (Group) Co., Ltd., said, as a state-owned capital operation platform, Guosheng has been playing an active role in building a "3+6" new industrial system in Shanghai. The IoV will definitely evolve to the stage where all scenarios are linked and integrated, and the ICV will become a “new business card” of Shanghai city in the future. So it just came naturally that the company made an investment in PATEO.

Recent days have witnessed frequent deployments by Shanghai Guosheng in new race track fields. So far, its overall arrangements have covered dozens of enterprises, including SenseTime, Cloudwalk and YITU Technology — the leading AI algorithm enterprises that improve the efficiency of the metaverse, as well as BIREN TECHNOLOGY, Moore Threads and Shanghai Zhaoxin that provide underlying power, computing power and chips for the metaverse; it has also led the investment into CloudMinds, whose digital twin, blockchain and other technologies for the underlying architecture of the metaverse are at the forefront both domestically and internationally.

For PATEO, this investment will act as a favorable driving force for it to further step up the pace of innovative research and development (R&D), so as to achieve greater breakthroughs in technology R&D and system integration; what’s more, being on the same innovation track with the multiple local tech companies that span the fields of “metaverse”, “independent chip”, “cloud computing”, etc. invested by Guosheng has also opened up infinite possibilities for it to carry out multidimensional cooperation with more tech companies in the future.