PATEO CONNECT+ Completes Hundreds of Millions of Yuan in Financing, Securing Investment from Jiangxi Cultural Industry Investment Fund, Golden Vision Capital, etc.
Recently, PATEO CONNECT+ (“PATEO”), a top Internet of Vehicles (IoV) enterprise in China, has secured strategic funding worth hundreds of millions of yuan from Jiangxi Cultural Industry Investment (JCI) Fund, Golden Vision Capital (GVC) and other investors. So far, it has received strategic investment from various financial investment institutions including Ruian Fuhai Equity Investment Fund, Ping An Capital, Shanghai Guosheng Capital, CCB Trust (CCB Trust Co., Ltd.), and Shanghai Tunnel Engineering Co., Ltd. (STEC), as well as multiple leading enterprises and institutions on the industry chain, including Dongfeng Motor Corporation (DFM), China FAW Group Corporation (China FAW), Xiaomi Corporation, Jinggangshan Investment, Haier Capital and China EV100.
Founded in 2009 and headquartered in Shanghai, PATEO CONNECT+ is mainly engaged in the research & development (R&D) and manufacturing of intelligent telematics system and provision of subsequent supporting services, possesses five core technologies of operating system (OS), intelligent voice, hardware, high-definition (HD) map and cloud platform, with headcount exceeding 1,400, and boasts a client base covering nearly 100 vehicle models of 30 auto brands, with 200-plus variants iterated.
Ken (Yilun) YING, founder of PATEO CONNECT+, said, “The core areas of competition in the intelligent vehicle (IV) industry are shifting to core hardware, software, OS and so on. PATEO has participated in a range of innovative R&D activities, involving both upper-layer functional modules and bottom-layer support. We’ll focus on the ‘domain controller, next-generation short-range communication technologies’, among others, and devote ourselves to long-term cultivation.”
As a provincial cultural industry investment fund managed by Jiangxi Provincial Cultural Industry Investment Co., Ltd. (JPCII), a subsidiary of Jiangxi Publishing Group, Jiangxi Cultural Industry Investment Fund is mainly used to invest in cultural industry and related technology companies, serving as an important investment and financing platform for the company to extend the cultural industry chain and make the sector bigger and stronger.
Fan Xiaoping, General Manager of Jiangxi Golden Dujuan Private Equity Fund Management Co., Ltd. (“Golden Dujuan Capital”), a fund management agency under the company, said, “With the continuous iteration of automotive electrical/electronic (E/E) architectures, the intelligent connected vehicles are evolving into a new generation of intelligent terminals at an accelerated pace, and the attribute of the automobile as a medium will be increasingly enhanced. We continue to be optimistic about the development prospects of PATEO, which has embraced rapid growth in recent years, due to its clear strategic layout and distinctively forward-looking product philosophy. As a top-ranked publishing and media group in the industry in terms of comprehensive strength, Jiangxi Publishing Group will build an all-round cooperative partnership with PATEO, to jointly bring new media audio-visual content and tools into the car space, deliver an all-new cockpit experience to the user, and realize a new integration of the media and the new-generation car users.”
Founded in 2010 by members of Sinar Mas Group, one of the largest family businesses in Indonesia, GVC has been deeply involved in the investment sector for years, and established a deep strategic cooperative relationship with top financial institutions, investment organizations and industry leaders, acting as a bridge that connects global capital and high-quality assets, taking China and Indonesia as the core of its strategic investment, achieving a global distribution, and focusing on strategic emerging industries with high growth prospects such as high-tech and biomedicine.
Liang Xiaogang, partner of Xinjing Fuying Venture Capital Fund invested by Golden Vision Capital, said, “Thanks to the planning, arrangement and guidance of the China-Indonesia Community with a Shared Future, the ‘Belt and Road’ Initiative (BRI) that epitomizes the joint efforts of the two countries has blossomed on a large scale, laden with countless rich fruits. The intelligent vehicle model jointly developed by PATEO and Wuling was launched in Jakarta last year, receiving an enthusiastic market response. GVC is committed to finding and supporting enterprises with distinctive technical characteristics and a high development potential; PATEO is undoubtedly one of them. I believe that through the complementation of resources of our two sides, the global business layout of PATEO will definitely be further improved.”
According to the latest data released by CAAM (China Association of Automobile Manufacturers), in the first three quarters of 2022, China’s auto export volume surpassed that of Germany, soaring to the world’s second highest. Industry sources believe that after the golden period of rapid development, China’s auto industry is expected to “change lane and overtake” by virtue of its advantages on the new energy vehicle (NEV) track. While deeply cultivating the domestic market, top auto brands and Tier 1 suppliers have been making efforts to build a new domestic and international “dual circulation” development pattern, and demonstrated the capability and ambition to export China’s superior technologies, making it hard not to give free rein to our imagination about their future development potential.