G7 sets new global record for IoT financing in latest round

Chinese IoT specialist G7 has announced the completion of its latest funding round, with investments setting a new record for the IoT market worldwide at US$320mn

G7 has now raised around $500mn in funds and has become one of the largest IoT companies in the world.

The funding round was led by HOPU Investments, with other investors including China Broadband Capital, Intelligent Fund of Funds, Mount Morning Capital, TH Capital, and Total Energy Ventures.

G7’s press release added that it has been backed previously by Tencent, GLP, and Bank of China Investment, all of which participated in this round as well.

The company’s integrated fleet management platform combines AI and IoT technologies to offer logistics and freight clients comprehensive oversight and control of a host critical factors, including payments, energy, safety, financing, and more.

G7 said in its statement that it is currently co-developing an autonomous trucking network with leading industry partners.

"Based on IoT, big data, and artificial intelligence, the smart fleet model is fundamentally changing the way fleet operates and is forming a new generation of logistics infrastructure with much improved efficiency,” said Xuehun Zhai, Founder and CEO of G7, in the firm’s statement.

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“G7 is looking forward to working with investors and partners, through the use of innovative technologies, to accelerate the industry transformation," 

 Julian Ma, President of G7, added:

"Artificial Intelligence in IoT (AIoT) is reinventing 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 so that we can continue to lead the change."