Pateo, a China-based intelligent vehicle system developer backed by corporate investors Dongfeng Motor Group, Suning and Xiaomi, raised RMB830m ($128m) on Wednesday in a round led by carmaker FAW Group.
Car parts manufacturer Changchun Fawsn Group and tunnel construction firm Shanghai Tunnel Engineering’s Jianyuan Capital unit participated in the round, as did electric vehicle industry association EV100 and CCB Trust, an investment banking subsidiary of financial services firm China Construction Bank.
Founded in 2009, Pateo is working on internet-of-vehicles (IoV) technology in areas including smart operating systems, big data, content service integration, mapping software, cloud architecture and voice-embedded products. It will leverage the cash for research and development initiatives.
The round took the company’s series B and B-plus funding to about $278m in total. It had secured funding in October 2020 from Haier Capital, which came after a series B tranche of similarly undisclosed size from consumer electronics manufacturer Xiaomi six months before and another from automotive manufacturer Dongfeng Motor Group in March.
E-commerce group Suning provided an undisclosed amount to lead a series B close in early 2019 that included $221m in credit supplied by Bank of Shanghai.
Suning had already led a $43.2m series A-plus round for Pateo, in 2017, which came after an $18.8m series A from RedHorse Capital two years earlier.
