G7 Completes Record-Setting Funding Round of US$320 Million
BEIJING, December 10, 2018 — G7, China’s leading Internet of Things (IoT) company, announced today that it had completed a funding round of a record-setting US$320 million this past October. This round of investment was led by HOPU Investments. 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. TH Capital served as exclusive financial advisor in the transaction.
The size of fund raised is a new record in the global IoT start-up scene. In just over one year, G7 has received an estimated US$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, G7 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, G7 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.“ said Xuehun Zhai, Founder and Chief Executive Officer of G7.
“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.” said Julian Ma, President of G7.
Stated Simon Chen, Partner at HOPU Investments, “Technological innovation is the leading force in driving the industry’s transformation. G7’s unique platform capabilities and huge user base allow the industry to benefit from technological innovation, which is of great business and social value. HOPU Investments looks forward to advancing the industry together with G7 by leveraging the power of our capital and technology.”
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 bringing far-reaching impact on traditional industries. We look forward to building a digital ecosystem with G7 and embracing the coming era of data-powered Industry Internet!”
Girish Nadkarni, Chief Executive Officer of Total Energy Ventures, said “Total highly recognizes G7’s industry-leading technical and service capabilities. Total and G7 have a common customer base and complementary product portfolios. We are excited to work with G7 to provide quality services to our customers and to jointly develop the international market by leveraging Total’s global network.”
In the last 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, G7 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.” said Jielong Zhang, Chief Financial Officer of G7. “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.”
G7’s market leadership has long been recognized by the industry and capital markets. G7’s shareholders include top-tier venture capital firms, financial institutions and industry leaders.