China’s IoT tech startup G7 raises $200M to transform and open the Internet of Things to the freight industry
G7, a Beijing, China-based internet of things (IoT) tech startup that specializes in fleet management, has raised $200 million in funding led by Trustbridge Partners and CS Capital, with participation from existing investors.
As G7 looks to harness the latest technologies including IoT, big data, and artificial intelligence to meet the growing demand in the traditional logistics market, the company will use the fresh cash infusion for product research and development and improvement in customer services.
Founded by Zhai Xuehun, G7 is building a platform with the IoT to organically integrate the entire chain of road freight such as cargo owners, transportation capacity, safety management, equipment operation, and energy consumption, making road freight safer, more efficient, and lower cost.
In a statement, G7 founder and CEO Zhai Xuehun said, “Technology is having a profound impact on the industry. Based on the 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. Through the use of innovative technologies, G7 is looking forward to accelerating the industry transformation.”
G7 is currently the leading software service provider in China’s road freight industry. It offers IoT-powered Subscription Solutions and Transaction Solutions to freight managers. According to market research, G7 is the largest enterprise software company in China’s road freight sector.
China has the world’s largest road freight market and freight managers in China have strong demand for digitalizing their business through the adoption of enterprise software services. G7 has unique IoT capabilities which are fundamental for providing software services to the road freight industry. In the past three years, G7 successfully expanded its services from Subscription Solutions to Transaction Solutions, while its revenue continues to grow driven by strong up-selling and cross-selling.