• Shanghai firm’s backers include Xiaomi Corp and Dongfeng Motor Group
• Telematics specialists supply automakers including Volkswagen and GM
Chinese ‘smart vehicle’ supplier Shanghai PATEO has revealed that it has raised over $128 million in a funding round led by state-owned automaker FAW.
Announcing the news on Wednesday, the PATEO Electronic Equipment Manufacturing Co said other investors included EV100, a powerful electric vehicle industry lobby group, and CCB Trust.
Along with the new funding, PATEO raised 1.8 billion yuan in its B and B+ fundraising rounds.
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The investment will be used for research and development, 11-year-old PATEO said. Its backers include Xiaomi Corp and Dongfeng Motor Group and it supplies automakers including Volkswagen AG and General Motors.
China said in 2019 it hopes ‘intelligent vehicles’ will account for 30% of all new sales in the world’s biggest car market by 2035.
- Reuters
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