Chinese car software developer Shanghai Pateo Electronic Equipment Manufacturing said on Friday it had raised 1 billon yuan ($149 million) in its latest funding round.
The 13-year-old company supplies mostly Chinese cars with “smart” features and autonomous driving systems.
State-owned investment firms Shanghai Guosheng Capital, Jinggangshan Investment and the investment arm of the country’s biggest insurer Ping An Insurance Group were the investors.
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Last year, the company raised $128 million. With the new funding, the company has raised a total of 2.5 billion yuan to improve its technology development and innovation, Pateo said.
Xiaomi, FAW Group and Dongfeng Motor, all Chinese car brands, were among its investors.
As the global vehicle manufacturing industry pursues an electric and “smart” future, carmakers and tech companies are developing technologies to make vehicles more connected and autonomous.
Apple also said earlier it was talking to several manufacturers to bring the new generation of the Carplay software to make their vehicles “smarter”.
- Reuters, with additional editing by George Russell
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