IoT startup G7 in record fundraising

Chinese Internet of Things company G7 announced yesterday that it had completed a US$320 million fundraising, a global record for IoT startups.

G7 offers IoT services mainly in the logistics and transportation industries, serving more than 60,000 customers with over 800,000 vehicles.

This round of investment was led by HOPU Investments. Other new investors include China Broadband Capital, iFoF (Intelligent Fund of Funds), Mount Morning Capital, Total Energy Ventures and TH Capital, in addition to existing shareholders such as Bank of China Investment and Tencent Inc.

In just over a year, G7 has raised about US$500 million through multiple fundraising rounds.

With its IoT platform, G7 provides integrated fleet management solutions and services, covering safety, energy, payments and financing to logistics companies and freight fleets. With its partners, G7 is co-developing an autonomous trucking network.

“Technology is having a profound impact on the industry,” said Zhai Xuehun, founder and CEO of G7.