Tencent-backed IoT Startup G7 Bags $320 Million in New Funding
China has one of the fastest growing startup ecosystem, which provides great opportunity to new investors. Recognizing the potential that the country holds, investors are now turning their attention to several startups working on advance technologies like artificial intelligence (AI), blockchain, robotics and internet of things (IoT). China’s IoT startup, G7 is the recent one to join the list of growing startups bagging big funding deals.
The Tencent-backed fleet management startup completed a record-setting funding round of $320 million this past October. This round of investment was led by HOPU Investments. The 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 in this new round.
Setting New Records
The size of fund raised is a new record in the global IoT startup scene. In just over one year, G7 has received an estimated $500 million in investment, through multiple rounds, making it one of the most valuable IoT companies in the world.
Based on its proprietary artificial intelligence in IoT (AIoT) platform, the startup provides integrated fleet management solutions and services, which cover safety, fuel, payments, financing, and Intelligent-equipment-as-a-Service, to logistic enterprises and freight fleets. Together with industry partners, G7 is co-developing autonomous trucking network. Serving more than 60,000 customers and over 800,000 commercial vehicles, it is the largest integrated fleet management platform in the world.
“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. G7 is looking forward to working closely with its investors and partners to accelerate the industry transformation,” says Xuehun Zhai, founder and chief executive officer of G7.
Infrastructure with Intelligence
Headquartered in Beijing's Zhongguancun Software Park, G7 has offices in Shanghai, Guangzhou, and Chengdu with installation and support network spanning 58 major cities across China.
“AIoT is re-inventing transportation and logistics equipment. Intelligent equipment and Asset-as-a-Service are the next big waves. The scale of our data and neutrality of our industry-wide platform are at the core of our competitive edge. We are determined to proactively invest in intelligent equipment and infrastructure in order to continue leading the change.” says Julian Ma, president of G7.
Building a Neutral, Open, And Shared Infrastructure
In the past two years, G7’s strategic shareholders, GLP, Bank of China Investment, Tencent and NIO Capital, have made multiple investments in the company as well as in Inceptio Technology, an autonomous trucking company initiated by G7. Leveraging respective industry advantages and G7’s neutral and open platform, the startup and its shareholders are building an ecosystem that encompasses logistics, commercial vehicle, energy, financial services and emerging technologies.
“G7 is committed to building a neutral, open, and shared infrastructure for the industry and empowering the industry by data. We are grateful for the long-term support of our existing and incoming shareholders, as well as our partners. G7 will continue to work with our partners and shareholders to build an ecosystem, which benefits the entire industry,” says Jielong Zhang, chief financial officer of G7.