PATEO CONNECT+ Completes Series C Funding with Total Amount Exceeding 2.5 Billion Yuan
7/8/2022
BY By XINHUANET.com
6552

On Jun. 27, PATEO CONNECT+ Technology (Shanghai) Corporation (hereinafter referred to as “PATEO”) announced that with Shanghai Guosheng Capital as the strategic investor in the Series C funding, and Ping An Capital together with Jinggangshan Investment in the Series C+ round, a total of RMB 1 billion has been raised, which will be used to ratchet up its continuous efforts to make overall arrangements in the intelligent connected vehicles (ICVs) field, and further accelerate the process of its listing on the Shanghai Stock Exchange Science and Technology Innovation Board (SSE STAR Market).So far, PATEO has received strategic investment from various investment institutions including Ping An Capital, Jinggangshan Investment, Shanghai Guosheng Capital, CCB Trust (CCB Trust Co., Ltd.), and Haier Capital, as well as multiple leading enterprises and institutions on the industry chain, such as DFM (Dongfeng Motor Corporation), China FAW (China FAW Group Corporation), Xiaomi Corporation, FAWSN (Changchun FAWSN Group Co., Ltd.), STEC (Shanghai Tunnel Engineering Co., Ltd.) and China EV100, with the cumulative total amount of financing exceeding CNY 2.5 billion.

This round of financing will help the company to further build leading-edge innovation capabilities and core technologies in the automotive intelligence field.

As an outstanding enterprise in China’s intelligent connectivity sector, in the 13 years since its establishment, PATEO has cumulatively invested nearly CNY 2 billion in R&D, and applied for a cumulative total of over 6,000 IPRs, more than 85% of which are invention patents. As a National High-tech Enterprise, “Shanghai Enterprise Technology Center”, “Shanghai Engineering Technology Research Center for Intelligent and Connected Vehicle Terminals”, “Shanghai Engineering Technology Innovation Center for Intelligent and Connected Vehicle Terminals”, Shanghai Enterprises with Intellectual Property Advantage, an enterprise with a “Specialized, Refined, Characteristic & Novel” Business Model in Shanghai for 2021-2022, and one of the first batch of enterprise cooperative partners for serving “3+6” key industries of Shanghai Municipality, it has been actively participating in the establishment of China’s Internet of Vehicles (IoV) standards.

At the same time, it offers user-oriented software application development and operation in the smart cockpit, intelligent drive & body control domains based on its self-developed technology systems such as the Qinggan vehicle intelligentization platform. Currently, its client base covers nearly 30 luxury, joint venture & self-owned auto brands and nearly 100 vehicle models, with business maintaining a high growth rate every year.

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