Shanghai-based V2X developer PATEO bags RMB300 million, with IPO coming soon

Beijing (Gasgoo)- China’s V2X explorer, PATEO, recently received RMB300 million strategic investment from the government-backed Shanghai Guosheng Capital while preparing for an IPO.

Photo credit: PATEO

Shanghai Guosheng Capital is a venture under Shanghai Guosheng Group. The Group was founded in 2007 as a Shanghai municipal government-approved state-owned assets operation platform. 

Early on, PATEO has raised nearly RMB2 billion from FAW Group, Dongfeng Motor, Xiaomi, and Haier. 

PATEO has poured in over a billion yuan in R&D since its establishment thirteen years ago. The company ensured to allocate at least 30% of its annual revenue into R&D and developed five core technologies, including OS, intelligent speech, hardware, high-precision maps, and cloud platform. 

Up to now, PATEO has filed for over 5,700 intellectual properties, with 82% patents for inventions. With its strong technical capabilities, the company has served roughly 30 automakers’ nearly 100 vehicle models. Its business operation has branched out to more than 30 countries and regions.  

Aside from its headquarters in Shanghai, the company holds R&D centers in Nanjing, Shenyang, Dalian, Shenzhen, and Wuhan, offices in Changchun, Beijing, and Frankfurt, as well as an intelligent manufacturing base in Xiamen. 

Notably, PATEO disclosed that the company has completed China Securities Regulatory Commissions’ pre-listing tutoring in January 2022 and is preparing for an IPO in the Science and Technology Innovation Board.