On Oct. 19, PATEO CONNECT+ (PATEO) received its Series B strategic investment from Haier Capital, signifying that PATEO has embraced another heavyweight partner after Dongfeng, Xiaomi and Suning.
This time, Haier Capital will inject capital into PATEO as a strategic investor, of which the amount and the specific shareholding proportion have not been disclosed yet. In the future, Haier Capital will link up PATEO with more industry chain resources, and the two parties will carry out all-round cooperation.
Founded in 2010, Haier Capital is an investment platform under Haier Financial Holdings. Currently, its business mainly involves venture capital, private equity investment, industry mergers & acquisitions, government-guided funds, and other areas. It positions itself as a platform for whole-industry-chain ecosystem investment & cocreation, focusing on the three major areas of intelligent technology, healthcare, and innovative consumption, while adhering to the concept of "deeply cultivating industrial investment to foster industrial ecosphere", to link multiple resources and create a win-win industrial investment ecosystem for multiple parties through the whole-industry-chain ecosystem investment model.
PATEO has formulated the development strategy of “1+1+N”, namely, “IVI + Mobile Phone + N”, in which “N” stands for the various input & output devices, including smart home devices such as headphone, watch, bracelet and TV, as well as all sorts of IoT (Internet of Things) devices. The two parties not only happen to share the same ideas and goals, they can even achieve the purpose of ecosystem construction and industrial upgrading by linking up their resources.
“PATEO feels very honored and proud to receive the strategic investment from Haier Capital. As an independent third-party service provider, PATEO has been continuously cultivating the IoV field in a deep and profound manner. This investment will deeply enhance the advantages of PATEO. In the future, we’ll enter into a deep cooperative partnership with Haier Capital, thus enabling us to move towards the IoE era at a fast pace,” 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 offers IoV products and services to mainstream auto groups in China as well as luxury brands like Bentley and JLR based on its commitment to building a cross-platform system that integrates vehicle, Internet and mobile phone and centers on car life services.
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”.
With regard to the investment value in the IoT era, the cultivation of the industrial ecosphere is far more important than capital. After obtaining strategic financing from Dongfeng, Suning, and Xiaomi, PATEO has again received investment from Haier Capital, marking that it has brought together heavyweight partners in four major fields, which allows itself to complete the "vertical and horizontal" strategic layout for transformation in the IoT era. As an independent third party, PATEO will evolve with automakers, Internet companies and the entire industry chain to achieve a win-win outcome, and be fully committed to helping Chinese car companies gain leadership in the global intelligent connectivity field through an overall arrangement for the future ecosystem, the ultimate product philosophy and advanced technologies.