Intelligent Connected Solutions Provider Pateo Bags Hundreds of Mns of CNY from SOE Again

Automotive Author: Wenqing Zou Editor: Ziying Wu Nov 11, 2022 11:43 AM (GMT+8)

Recently, intelligent connected solutions provider Pateo received hundreds of millions of CNY from its strategic round of financing, which was dominated by SOE funds from Zhejiang Province.

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On November 11, intelligent connected solutions supplier Shanghai Pateo Electronic Equipment Mfg. Co., Ltd. (hereinafter referred to as "Pateo") (Chinese: 博泰车联网) announced the completion of its strategic round financing worth hundreds of millions of CNY, which was invested by SOE fund, namely Rui'an Fuhai Equity Investment Fund (Chinese: 瑞安富海股权投资基金). Moreover, Pateo has received capital investment from SOE before, including Dongfeng Group (Chinese: 东风汽车), FAW Group (Chinese: 一汽集团), Shanghai Guosheng Group (Chinese: 上海国盛).

Notably, on November 2, Pateo established strategic cooperation with the Municipal People's Government of Rui'an on the "Intelligent Auto Parts Manufacturing Base Project," focusing on the research and production of intelligent auto parts like smart cockpit domain controllers. It is reported that the fund from this financing round will be used for the construction of a manufacturing base located in the Rui'an Economic Development Zone in Zhejiang Province.

Pateo, founded in 2009 and based in Shanghai, is an innovative high-tech enterprise committed to providing intelligent connected services and auto parts. The firm has developed five core products, including operating systems, intelligent voice, hardware, high-precision map and cloud platform, with a team of more than 1,400 people.

In the future, Pateo will increase investment in product R&D, building product differentiation advantage and maintaining competitiveness in the intelligent auto-connected field.