SHANGHAI, March 26, 2024 /PRNewswire/ — PATEO, an automotive intelligence industry player, 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.
Signing Ceremony of 19 Billion Yuan Credit & Strategic Cooperation Agreement between Seven Major Banks and PATEO
According to relevant resources, PATEO has recently obtained another financing of 1.5 billion yuan. This is another time that the company has attracted widespread attention in the industry after receiving a series of honors, including being recognized as a “National Enterprise Technology Center” and one of the first batch of innovative enterprise headquarters in Shanghai, and selected into the list of “Top 100 Shanghai Hard Core Technology Enterprises in 2024”, and achieving 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, including 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, been attaching great importance to the accumulation of independent intellectual property rights (IIPRs) and the enhancement of technological innovation capabilities, accumulatively applied for 6,692 intellectual property rights (IPRs), 83% of which are invention patents, ranking first in China’s intelligent automotive connectivity patents. It is learned that the funds raised this time will be mainly used to create a new generation of automotive intelligent integrated domain control products, including next-generation smart cockpits, autonomous driving, automotive-grade chips and advanced process modules, as well as display screens, conduct full-stack development of intelligent driving domain controllers, and make efforts in cabin-driving fusion solutions and high performance CCP. Meanwhile, PATEO will also implement a complete integrated deployment in the YRD with Shanghai headquarters as the center and achieving the coordinated development of Zhejiang, Anhui and Jiangsu, build smart manufacturing bases and an advanced supply chain system, and make overall planning and arrangements for a future Lighthouse Factory in an 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 electric vehicle race, intelligence is the core for automakers to create product differentiation, hence the accelerated iteration of automotive product architecture and form. As an intelligence supplier with self-owned core technologies, PATEO has entered a period of leapfrog growth from 1 to 10 with the development of the industry. In the context that shares are increasingly concentrated among top industry players, enterprises with profound accumulation of IPRs and innovation capabilities will successfully occupy a leading position in the industry.”
