China’s fleet management company G7 bags $320 million in funding round

The investment will be used for driving technological developments in G7’s fleet infrastructure

China’s leading fleet management company, G7 has recently banked $320 million in a funding round, bringing its total raised capital to around $500 million. As per sources, G7, which runs a registered connected platform for shippers, trucks, fleet managers and drivers, received the proceeds from China’s leading private equity investment firm, HOPU Investments.

Moreover, new investors included Intelligent Fund of Funds, China Broadband Capital, Total Energy Ventures, TH Capital and Mount Morning Capital. G7’s existing shareholders, Bank of China Investment, GLP and Tencent also participated in the new round, with TH Capital as an exclusive financial advisor in the transaction, cite sources.

As per an official press release, Xuehun Zhai, Founder and CEO, G7, said that technology is having a great impact on the current fleet industry. The smart fleet model, based on big data, IoT and AI, is significantly changing the way fleets operate, and is forming the next generation of logistics infrastructure with improved efficiency.

Zhai added that the company is looking forward to working closely with its investors and partners to accelerate the fleet industry’s transformation.

Julian Ma, President, G7, was quoted saying that AI in IoT is re-forming logistics and transportation equipments. He said that the scale of G7’s data and neutrality in its industry-wide platform are at the core of its competitive edge, and by investing in intelligent infrastructure and equipment the company will be able to lead the upcoming change in the fleet industry.

Reportedly, G7 has worked closely with its partners to build connected networks for serving the logistics, energy and commercial vehicles sectors. For instance, G7 recently collaborated with China’s electric carmaker, NIO, for developing autonomous electric trucks. Moreover, the company has also leveraged French venture capital firm, Total Energy Ventures’ global network for focusing on the renewable energy sector, cite reports.