Chinese Internet of Things (IoT) company G7 has secured a US$320 million funding in October, a record amount in the global IoT startup scene.
This brings to an estimated US$510 million the total funding received by the fleet management provider headquartered at the Zhongguancun Software Park in Beijing, China.
Based on its proprietary Artificial Intelligence in IoT (AIoT) platform, G7 provides integrated fleet management solutions and services, including order processing, short/long-haul visibility, asset tracking, dispatch, and route planning.
Its real-time solutions connect trucks, shippers, fleet managers, and drivers to optimize the entire transportation ecosystem.
“Technology is having a profound impact on the industry. Based on IoT, big data, and Artificial Intelligence, the smart fleet model is fundamentally changing the way fleets operate and is forming the next generation of logistics infrastructure with improved efficiency,” said Xuehun Zhai, Founder and Chief Executive Officer of G7, in a media statement announcing the funding round led by HOPU Investments.
Simon Chen, Partner at HOPU Investments said that G7’s unique platform capabilities and huge user base allow the industry to benefit from technological innovation.
“HOPU Investments looks forward to advancing the industry together with G7 by leveraging the power of our capital and technology,” he said.
Other new investors included China Broadband Capital (CBC), iFoF (Intelligent Fund of Funds), Mount Morning Capital, Total Energy Ventures, and TH Capital.
G7’s existing shareholders, GLP, Bank of China Investment, and Tencent also participated this new round.
Founded only in 2010, G7 now has offices in Shanghai, Guangzhou, and Chengdu with installation and support network spanning 58 major cities across China.
It is currently co-developing autonomous trucking network with industry partners. But with more than 60,000 customers and over 800,000 commercial vehicles, G7 is considered as the largest integrated fleet management platform in the world.
Jian Jiang, Partner at CBC and Founding Partner at Mount Morning Capital, said the advancements in IoT and 5G make it possible for everything to be connected intelligently.
“We look forward to building a digital ecosystem with G7 and embracing the coming era of data-powered Industry Internet,” he said.