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."
Timeline: India takes unicorn leap with six in five days
We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.
April 5: Meesho
India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.
April 6: CRED
Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.
April 7: API Holdings / Groww
The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.
April 8: ShareChat
New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.
April 9: Gupshup
AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels.