The Dongfeng, Suning and Xiaomi-backed IoV technology developer secured cash in a round led by FAW Group and backed by investors including Changchun Fawsn and Shanghai Tunnel.

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)…

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Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.
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