Mar. 26, 2020 Wuhan, Hubei
The 26th of March has witnessed another significant investment in the field that reflects the “Five Development Trends” represented by “Connected / Autonomous / Shared / Electric (CASE) + Lightweight” vehicles. The renowned IoV enterprise Shanghai PATEO (PATEO) has secured a strategic investment from Chinese auto giant DFG (Dongfeng Motor Group Co., Ltd.), signifying that the two parties will carry out in-depth cooperation and join hands to open up a new era for the IoV industry.
According to an informed source, in the past few years, the two sides have cooperated well. This time, DFG directly injected capital into PATEO as a strategic investor. The investment amount and the specific shareholding proportion haven’t been disclosed.
DFG is not only a backbone automotive enterprise directly managed by the Central Government, but also a motor group boasting the most complete product line and value chain in the industry. Based on its strategic positioning as “an excellent enterprise providing the user with a full range of high-quality automotive products and services”, in recent years, DFG has been actively developing emerging businesses, making an overall arrangement for the smart car and smart mobility, and promoting the transformation and upgrading of the enterprise.
“As an independent third-party service provider, PATEO has been continuously cultivating the IoV field in a deep and profound manner. We feel very honored and proud to obtain the strategic investment of DFG, which is bound to strengthen our advantages. In the future, we’ll establish more cooperative partnerships with various automakers at the capital, business and business model levels, to contribute to China’s auto industry,” said Ken (Yilun) YING, founder & Chairman of PATEO.
Founded in Oct. 2009 and headquartered in Shanghai, PATEO is mainly engaged in the R&D & manufacturing of intelligent telematics system and provision of subsequent supporting services. As an independent third-party service provider, it is committed to building a cross-platform system that integrates vehicle, Internet and mobile phone and centers on car life services, so as to offer IoV products and services to mainstream auto groups in China as well as luxury brands like Bentley and JLR.
In the nearly ten years since its establishment, PATEO has invested more than CNY 1 billion in R&D, and been continuously investing 28% of its annual revenue in it, boasting a full set of qualifications for operations in China’s IoV market, ranking 1st for two consecutive years in terms of intelligent connectivity patent, and 104th on the list of “China’s Top 500 Companies by Patent”.
In the days to come, there might be more well-known enterprises and investors joining “PATEO’s Circle of Friends”.