A Subsidiary of PATEO CONNECT+ Changes Name, Reflecting Its Focus on Innovation and R&D in IoV
On Dec. 2, 2021, Shanghai PATEO Electronic Equipment Manufacturing Co., Ltd. changed its name to PATEO CONNECT+ Technology (Shanghai) Corporation (hereinafter abbreviated as “PATEO CONNECT+”).
The original intention to start PATEO CONNECT+ originates from the combination of creativity and technology. Over the years of development, PATEO is keenly aware of the importance of brand culture, meaning and DNA. It adheres to the new model of product R&D + marketing operation to carry out in-depth cooperation with OEMs, and based on the core philosophy of “3I” (“Insight, Innovation & Integration”), creates an all-new lifestyle that the target user has been yearning for, and is capable of promoting their sense of self-identity, stimulating their resonance, and consistent with their emotional pursuits.
Ken (Yilun) YING, founder and Chairman of the company, said that after the name change, PATEO CONNECT+ will continue to insist on high-quality patents and bringing technology to market, while continuously iterating platforms, with more attention and focus on the continuous accumulation of core technologies and vast ecosystem of the IoV, in an attempt to be creative, innovative, inventive, and quick at introducing the achievements to the market until success. In the future, it will build a diversified business system on a continuously accumulated technology platform.
Intensively Cultivate Core IoV Technologies with a Long Leading IPR Strategy
The name change this time reflects PATEO's firmer belief in the deep cultivation of the core technologies in the IoV industry, as well as its solid confidence built upon the long-term R&D investment. In the 12 years since its establishment, the company has cumulatively invested more than CNY 1 billion in R&D, and makes sure to invest more than 30% of its annual revenue in it. As of now, it has applied for a total of over 5,300 intellectual property rights (IPRs), 82% of which are invention patents, ranked 104th on the list of "China's Top 500 Companies by Patent" in 2019, and making it to the list of "2020 World IoT Top 500 Enterprises", placed 403rd. The Statistical Analysis of 2020 China Automotive Patent Data released in Q1 2021 by ATIRI, CATARC (Automotive Technical Information Research Institute, China Automotive Technology & Research Center) shows that in the ICV (Intelligent Connected Vehicle) patent disclosure rankings, PATEO ranks second with 612 patents and a year-on-year growth rate of 77%, second only to Toyota, and also second in the connectivity field with 428 patent disclosures, second only to Huawei.
At present, it’s serving clients of nearly 30 luxury, joint venture and self-owned auto brands and nearly 100 vehicle models, with 200-plus vehicle variants iterated, nearly 1,000 projects entering mass production phase, and business extended to more than 30 countries and regions.
The name change marks a milestone in the development course of PATEO CONNECT+, symbolizing that from that moment on, its road to the IoV has entered a new stage. In the future, it will continue to take creative leadership, quality assurance and technological empowerment as corporate guidelines, adhere to product & service model innovation, use inspiration and creativity to lever user communication and interaction, and leverage the combination of digital tools + products to build a closed loop of user interaction that consists of intelligent IVI, interactions inside & outside the car, AR & VR devices, etc., while combining technological innovation with artistic perception to create the ultimate product experience for the user, in a bid to further empower carmakers in a more thorough and better way, and thus become an undisputed leader in the IoV industry!
PATEO CONNECT+ Has Created a Cross-Industry Ecosphere with Great Foresight & Open Cooperation
Thanks to the farsighted layout of Ken, PATEO has been able to steadily achieve milestones one after another. In recent years, it has established pilot R&D and innovation centers in Shanghai, Nanjing, Beijing, Shenyang, Dalian, Changchun, Wuhan, Shenzhen and multiple other places with nearly 1,000 staff in addition to a Xiamen factory that is based on the advanced intelligent manufacturing (IM) capabilities.
PATEO is well aware that open cooperation is an extension of corporate life. So far, it has established three types of in-depth cooperative relationships with major clients in China, including strategic cooperation, investment in joint venture, and joint construction of R&D center, some examples of which are the establishment of Tianquan Intelligent Lab & strategic cooperation with FAW ICVD (Intelligent Connected Vehicle Development) Institute, the establishment of Dongfeng Innovation Design Center & strategic cooperation with Dongfeng Motor Corporation (DFM) , as well as the establishment of strategic cooperation with SAIC-GM-Wuling (SGMW) and T3 Technology - China Automotive Innovation Corporation (CAIC).
Due to its continuous focus on product innovation and great importance to the protection of intellectual property rights (IPRs), together with its innovative and open business cooperation model that has made it the only third-party IoV service provider in the industry that combines hardware / software / cloud with ecosystem, PATEO has been able to enter into deep cooperation, through investment and mutual equity participation, with mainstream auto groups. As of 2021, its strategic investors include DMC (Dongfeng Motor Corporation) and China FAW (China FAW Group Corporation) in the OEM sector, FAWSN (Changchun FAWSN Group Co., Ltd.) in the auto parts sector, Xiaomi Corporation and Haier Capital in the IoT ecosystem, China EV100 in the industry association & authority, as well as Jianyuan Capital (Shanghai Jianyuan Equity Investment Fund Management Co., Ltd.) launched & set up by STEC (Shanghai Tunnel Engineering Co., Ltd.) in the road network / roads & bridges for autonomous vehicles; other important investors include CCB Trust (CCB Trust Co., Ltd.).
The name change shows that Ken and the management team are highly consistent in the values of independent R&D of core car connectivity technologies.
PATEO knows about the user, because creativity must come from in-depth user insights before it can be combined with product selling points to build an emotional connection with the user; it knows more about the importance of creativity, because only creativity can inspire the user to act.
PATEO is convinced that in the age of intelligence, with technological capabilities as the foundation for all innovations, it is necessary to make use of technologies to connect the brand and the user, bring product positioning and innovative features into full play, and then empower creativity to be presented in the most touching manner and effectively reach the user.
PATEO will continue to lead the ultimate intelligent vehicle experience, and reconstruct the lifestyle in mobile space.