China logistics data firm G7 raises $45m from CDB, GLP
G7, a Chinese manufacturer of smart devices for use in the logistics sector, has raised $45 million from China Development Bank Capital (CDB Capital) and Singapore-listed warehouse operator Global Logistic Properties (GLP).
G7 is operated by Beijing-based Huitong Tianxia Internet-of-Things Technology, which was founded in 2009. The company's flagship product - the G7 Smart Box - is used by logistics companies to manage teams of haulage drivers. The device is installed in each vehicle to enable tracking of location, speed, humidity, temperature and other data.
The G7 Smart Box is used by about 10 major Chinese logistics companies, including SF Express and DHL, and it has been installed in approximately 300,000 vehicles. The company has also launched a mobile app that allows logistics businesses to track vehicles and settle wages to employees.
Eastern Bell Ventures previously participated in three rounds of funding for the company, while Tencent Holdings led a $30 million Series C round in 2015. Last year, Singapore’s Temasek Holdings led a $45 million extended Series C round.
The new funding will be used for technology development, specifically a logistics data sharing platform, the company told local media. G7 expects to form more partnerships with logistics firms by leveraging CDB Capital and GLP’s relationships, and it also plans to expand into other services areas including financing.
Established in 2009, CDB Capital is a wholly-owned investment unit of China Development Bank. As of July last year, it had RMB150 billion ($21 billion) in assets. GLP has a $40 billion portfolio of warehouses in China, Japan, Brazil and the US. Earlier this month, it confirmed the receipt of multiple buyout offers.
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