V2X developer PATEO nabs several hundred million yuan of strategic investment

Beijing (Gasgoo)- China’s V2X solution developer PATEO recently bagged several hundred million yuan in a strategic investment round by Rui’an Fuhai Equity Investment Fund.

Photo credit: PATEO

According to Chinese corporate database Tianyancha, the financing round was completed on November 3. Notably, on November 2, PATEO inked an agreement with the municipal government of Rui’an, a city in Zhejiang Province, for the intelligent auto parts manufacturing base project. 

Per the agreement, PATEO will build in Rui’an’s Economic Development Zone a manufacturing base for smart cockpit controller, various intelligent auto parts R&D, and production. The proceeds received this time will help facilitate the project. 

As one of the leading players in the V2X field, PATEO believes that the future intelligent vehicle will be developed on the electronic and electrical architecture including the autonomous driving domain, vehicle control domain, cockpit domain, etc., so that traditional hardware such as dashboards, onboard computer, rear-view mirror will all disappear.

Hence, the company is favored by multiple auto groups in China, including Dongfeng Motor Group and FAW Group. PATEO is currently developing products in the autonomous driving domain, vehicle control domain, cockpit domain, as well as in the battery, electric motor, and electric control field with Geely, VOYAH, and other automakers.