PATEO Receives Strategic Investment from FAW Group and Others
8/11/2021
BY XINHUANET.com
3902

On Aug. 11, PATEO CONNECT+ (PATEO) announced completion of a new round of financing, with China FAW Group Corporation (FAW) being the lead investor, Changchun FAWSN Group Co., Ltd., China EV100, CCB Trust Co., Ltd., Jianyuan Capital (Shanghai Jianyuan Equity Investment Fund Management Co., Ltd.) launched & set up by STEC (Shanghai Tunnel Engineering Co., Ltd.), and other companies being the co-investors, marking one of the significant investments with eco integration in the automotive industry this year, and also another investment made by a top enterprise following the strategic investment from DFG (Dongfeng Motor Group Co., Ltd.), Xiaomi Corporation, Haier Capital, among others. Up to now, the accumulated amount of its two rounds of financing has reached CNY 1.8 billion.

Industry analysts believe that its solid technical foundation, flexible eco integration capability, as well as its more user-friendly products are the main reasons why PATEO has secured investment from multiple leading enterprises in succession.

It is learned that at an earlier time, the two sides have reached long-term strategic cooperation, and jointly established Tianquan Intelligent Lab, aimed to enhance the innovative R&D capability in the field of intelligent connected vehicle (ICV), and give the construction of China’s auto intelligentization a powerful shot of “accelerator”; this time, the strategic investment of FAW in PATEO has, in a manner of speaking, laid a good foundation for the in-depth cooperation between the two parties in the future.

FAW has been keeping up with the industry trends, and always maintaining an open and welcoming attitude toward science-and-technology-innovation-driven partners during its transformation for “rejuvenation, digitalization & intelligentization”; this time its strategic investment in PATEO is exactly a reflection of its planning and overall arrangement for the entire industry ecosystem, which, on the one hand, is based on their previous sound cooperative relationship and mutual trust, and on the other, can be attributed to PATEO’s continuous deep cultivation in automotive ecosystem and accumulation of core technologies for many years.

Founded in Oct. 2009, this company is headquartered in Shanghai, with R&D centers in Nanjing, Shenyang, Dalian, Shenzhen & Wuhan, offices in Changchun & Beijing, as well as a smart manufacturing base in Xiamen, mainly engaged in the R&D of intelligent telematics system, and providing IoV products & services for mainstream automobile groups at home and abroad. 

In the 12 years since its establishment, it has cumulatively invested CNY 1.502 billion in R&D, and been continuously investing more than 30% of its operating revenue in it; on the strength of its technology accumulation and product delivery experience over the years, it has in its possession five core technologies, namely, operating system, intelligent voice, hardware, HD map and cloud platform; so far, it has applied for more than 5,000 IPRs, 82% of which are invention patents; its customer base covers nearly 30 luxury, joint venture & self-owned auto brands and nearly 100 vehicle models, with 200-plus models iterated, also its business has extended to more than 30 countries and regions.

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