Chinese Telematics startup Shanghai Pateo Electronic Equipment Manufacturing Co., Ltd., announced on Wednesday that it had raised more than 830 million yuan ($128 million) in a funding round, led by state-owned automaker China FAW Group.
Co-investors are Changchun Fawsn Group Co., Ltd., ChinaEV100, CCB Trust and STEC Jianyuan Fund, as revealed in Pateo’s statement.
FAW and Pateo have reached a long-term strategic cooperation agreement earlier. The two sides jointly established Tianquan Intelligent Lab for improving the company’s intelligent network R&D.
Pateo raised RMB 1.8 billion in B and B+ rounds after the new round of financing.
Pateo was established in October 2009 andis mainly engaged in the R&D of intelligent vehicle information service systems, and provides vehicle networking products and services for mainstream auto groups at home and abroad. Pateo said the investment is mainly for R&D.
Since its establishment 12 years ago, Pateo has invested a total of 1.502 billion yuan in R&D, and has put more than 30% of its operation revenue in that sector. Pateo now possesses five core technologies, namely, operating systems, intelligent voice, hardware, high-HD-Map and cloud platforms. Up to now, Pateo has applied for more than 5,000 IPR, 82% of which are invention patents.
Xiaomi Group and Dongfeng Motor Group have invested in the company. Pateo now provides for automakers such as Volkswagen and General Motors.