Beijing-based fleet management company G7 has raised funds amounting to $320 million in a financing round. This round was led by HOPU Investments, one of the mosthigh-profile private equity firms in China.
With this funding,the total capital raised by the company has reached to around $500 million.Other participants included new investors ChinaBroadband Capital, Intelligent Fund of Funds, Mount Morning Capital, Total Energy Ventures and TH Capital, who are joined by existing investorsGLP, Bank of China Investment and Tencent.
The basic purposeof this funding round is to drive technological development. The companyruns a proprietary connected platform for trucks, shippers, fleet manager anddrivers. G7 claims that its latest funding round marks the highest amongInternet of Things startups worldwide.
The company did not disclose its valuation after the funding round, however, mentioned that and drivers injection makes it one of the most valuable IoT companies in the world.
“Artificialintelligence in IoT is reinventing transportation and logistics equipment.Intelligent equipment and asset-as-a-service are the next big waves,” says G7president Julian Ma.
G7 has workedclosely with its partners to build out connected networks serving everythingfrom logistics, commercial vehicles, energy to payments. It’s alsoleveraging the global network of Total Energy Ventures, a French venturecapital firm focused on the renewable energy sector.
G7 claims to reach 60,000 customers and 800,000 commercial vehicles worldwide while 85 per cent of China’s biggest logistics providers are its clients.