BEIJING, Dec. 17, 2018 /PRNewswire/ -- G7, China's leading Internet of Things (IoT) company, announced today that it has completed a record-setting funding round of USD $320 million in October. The funding round is supported by Total Energy Ventures (TEV) International, Tencent, and GLP, etc., to further expedite the realization of smart fleet management and autonomous-driving trucks.
New investors include HOPU Investments, China Broadband Capital (CBC), iFoF, Mount Morning Capital, Total Energy Ventures, and TH Capital. Existing shareholders, GLP, Bank of China Investment, and Tencent, etc., participated in this new round. In over a year, G7 has received approximately USD $500 million of investment through multiple rounds and has become one of the most valuable IoT companies in the world.
G7 has strategically partnered with key truck-makers including Volvo, Scania, Futon, GAC, FAW, and Dongfeng Motor. With its proprietary Artificial Intelligence in IoT (AIoT) platform, G7 collects countless real-time data from trucks and leverages AI technologies to enable vehicles to be connected. This also enables one-stop management for fleet operators. Serving more than 60,000 customers and over 800,000 commercial vehicles, G7 is now the world's largest integrated fleet management platform.
The global autonomous truck market is expected to grow at a CAGR of 5.8% from 2018 to 2023. Riding on increasing safety demands, G7 co-develops autonomous trucking network with GLP and NIO Capital through a joint venture earlier this year, focused on next-generation smart trucks with autonomous driving and new energy technologies.
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 a new-generation of logistics infrastructure with much-improved efficiency. G7 is looking forward to working with investors and partners, through the use of innovative technologies, to accelerate the industry transformation," said Xuehun Zhai, Founder and Chief Executive Officer of G7.
G7 provides integrated fleet management solutions and services, which covers safety, energy, payments, financing, and intelligent-equipment-as-service, to logistic enterprises, and freight fleets. G7 Smart Fleet Management Solution helps small fleet managers manage their fleet and drivers, and provides one-stop fleet operation consumer products and services including fuel card, ETC card and credit by connecting partners in the ecosystem including banks, highways, and petrol stations.
Global industry players are visioning the same market trends for G7. Fleetmatics, a company acquired by Verizon, provides fleet management software and solutions; Fleetcor focuses on smarter fueling and smarter payment services; others include Pilot Flying J, the largest truck-stop chain in North America (invested by Buffett and Nikola) offering smart equipment/trucks and asset management solutions. With a portfolio covering most businesses of the companies above, G7 is committed to establishing a data-driven, open, and shared ecosystem that connects logistics infrastructure, vehicle OEMs, and financial institutions.