SHANGHAI, March 26, 2024 /PRNewswire/ — PATEO, a company in automotive intelligence, developing technology for connected cars and intelligent driving features, has recently successfully secured a new round of financing of 1.5 billion yuan, which will be primarily invested in the R&D of a new generation of intelligent integrated domain control products, and used to accelerate the full-stack technological innovation of intelligent driving domain controller in an all-round manner. At the same time, it plans to dive deeper into cockpit-driving fusion solutions and high performance CCP (Central Computing Platform), build a new integrated smart manufacturing and supply chain system in the Yangtze River Delta (YRD) with Shanghai as the axis, linking Zhejiang, Anhui, and Jiangsu, and make overall planning and arrangements for a future Lighthouse Factory in an area.
According to relevant resources, PATEO has recently obtained another financing of 1.5 billion yuan. The company has attracted widespread attention in the industry after receiving a series of honors. These include being recognized as a “National Enterprise Technology Center” and one of the first batch of innovative enterprise headquarters in Shanghai. The company made it onto the list of “Top 100 Shanghai Hard Core Technology Enterprises in 2024”. This achievement marked a major breakthrough in successfully expanding the international market and winning overseas orders.
So far, it has completed several rounds of equity financing, receiving strategic investment from well-known financial investment institutions including Ping An Capital and CCB Trust (CCB Trust Co., Ltd.), state-owned investment platforms including Shanghai Guosheng Capital, Shenzhen Oriental Fortune Capital Investment Management Co., Ltd. (OFC), and Jinggangshan Investment, 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, Haier Capital, Shanghai Tunnel Engineering Co., Ltd. (STEC), and China EV100.
While completing this equity financing, PATEO also signed a 19 billion yuan credit agreement with seven top state-owned banks. These banks include Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB). Since its establishment, PATEO has invested nearly 2 billion yuan in R&D. The company prioritizes amassing independent intellectual property rights (IIPRs) and bolstering technological innovation capabilities as vital aspects. PATEO has cumulatively applied for 6,692 intellectual property rights (IPRs), primarily invention patents, ranking first in China’s automotive connectivity.
The funds raised this time will primarily serve to develop innovative automotive intelligent integrated domain control products. This includes next-generation smart cockpits, autonomous driving, automotive-grade chips, and advanced process modules, as well as display screens. Efforts will focus on conducting full-stack development for intelligent driving domain controllers, cabin-driving fusion solutions, and high-performance CCP. PATEO will implement a complete integrated deployment in the YRD with Shanghai headquarters as the center. Achieving coordinated development among Zhejiang, Anhui, and Jiangsu builds smart manufacturing bases and an advanced supply chain system. Additionally, PATEO will make overall planning and arrangements for a future Lighthouse Factory in the area.
Shao Jiang, Chief Analyst of Automotive Industry at TF Research Institute, said, “As a next-generation mobile intelligent terminal, computing and interaction are at the core of the automobile. In the second half of the electric vehicle race, intelligence is the core for automakers to create product differentiation. Hence, automotive product architecture and form iterate more quickly. PATEO, equipped with self-owned core technologies, experiences a leap from 1 to 10 in growth, emerging as an intelligence supplier. Enterprises with profound accumulation of IPRs and innovation capabilities will successfully occupy a leading position in the industry. Shares are increasingly concentrating among top industry players.”
