On Monday, Beijing-based fleet management company G7 announced that it had raised $320 million.
The round was led by HOPU Investments with participation from new investors China Broadband Capital, Intelligent Fund of Funds, Mount Morning Capital, Total Energy Ventures and TH Capital, and existing investors GLP, Bank of China Investment and Tencent.
G7, which runs a proprietary connected platform for trucks, shippers, fleet manager and drivers will use the funding to drive technological development, bringing its total capital raised to around $500 million.
G7 claims that its latest funding round, which brings its total capital raised to around $500 million, also marks the highest among Internet of Things startups worldwide.
The eight-year-old company declined to disclose its post-money valuation but says the fresh injection makes it one of the most valuable IoT companies in the world.
“Artificial intelligence in IoT is reinventing transportation and logistics equipment. Intelligent equipment and asset-as-a-service are the next big waves,” says G7 president Julian Ma, who formerly served as a vice president at Tencent overlooking location-based services, search, and autonomous driving for five years.
G7 claims to reach 60,000 customers and 800,000 commercial vehicles worldwide while 85 percent of China’s biggest logistics providers are its clients.