Haier has now become the fourth strategic partner of PATEO after Dongfeng Motor Group, Xiaomi and Suning.
Connectivity. Image credit: Zan/Unsplash
PATEO IOV officially announced on October 19 that it had raised capital from Haier Capital arm in a strategic round of investment. The firm did not disclose the investment amount and specific share ratio. Haier Capital is an investment platform under Haier Financial Holdings, focusing on the three major areas of smart technology, healthcare, and innovative consumption.
On April 17, 2020, PATEO, an Internet of vehicle products and service provider, received a Series B round strategic investment from one of China’s top phone vendors, Xiaomi. Before that, the firm had received undisclosed strategic financings from Dongeng Motor Group and retail giant Suning.
The firm was established in October 2009 and is headquartered in Shanghai. It is mainly engaged in the research and development and manufacturing of intelligent in-vehicle information service systems and providing subsequent supporting services.
PATEO IOV aims to interconnect mobile phones, vehicles, and other smart hardware, including smart homes and IoT devices such as earphones, watches, bracelets, and TVs. These scenarios must rely on the resources and channel support of car companies and smart hardware manufacturers such as Dongfeng Motors Group, Suning, Xiaomi and Haier.
In China, Internet giants such as the mighty BAT companies have been deploying Internet of Vehicles business models since 2015. Companies such as Huawei and ByteDance have shown their ambitions to enter the field. At the same time, domestic and foreign OEMs have also adopted updated Internet of Vehicle functions as standard equipment for next-generation mass-produced models. But it is undeniable that these players are yet to find an exact business model and establish a differentiated advantage.