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G7 a Beijing based fleet management company which runs a proprietary platform for trucks, shippers, drivers has announced that it has secured $320 million in the fresh round funding which brings $500 Million in total after this round funding.
The funding was led by HOPU investments firm (one of the most high profile investment firm in China). The new investors who also participated in this round funding were China Broadband Capital, Intelligent Fund of Funds, Mount Morning Capital, Total Energy Ventures and TH Capital, including its existing investors were GLP, Bank of China Investment and Tencent.
With the claim by G7, that its latest funding makes it the highest among Internet of Things (IoT) startups worldwide, G7 states that it is now credible enough to be one of the highest values IoT companies worldwide.
Commenting on this round funding, G7 logistic president, Julian Ma said “Artificial intelligence in IoT is reinventing transportation and logistics equipment. Intelligent equipment and asset-as-a-service are the next big waves.”
Working carefully and closely to build out connected networks to serve logistics, commercial vehicles, etc., G7 has gradually and strategically raised its funds and clients. It has also joined hands with Total Energy Ventures, a French venture capital firm focused solely on renewable energy.
Today, 85% of China’s biggest logistics providers are the clients of G7.