China truck smart devices manufacturer raises $200m
G7 Networks, a Chinese company that uses smart devices to track cargo trucks, has raised a USD 200m round led by Trustbridge Partners, and State Development & Investment Corporation (SDIC). Several existing investors re-upped.
The company's previous funding round came in 2018, when Hopu Investment led a USD 320m commitment. This followed two rounds in 2017: a USD 70m investment led by warehouse operator GLP and a direct investment arm Bank of China; and a $45 million commitment from China Development Bank Capital and GLP.
Eastern Bell Capital became G7's first institutional investor in 2011 through an angel round and then re-upped three times, including a USD $30 million Series C in 2015 led by Tencent Holdings and a $45 million extension in 2016 led by Temasek Holdings.
The company's core product is G7 Smart, a hardware device for trucks that collects real-time data such as vehicle location, weight, loads, route plans, fuel consumption, and cargo temperature. It is a real-time solution that connects trucks, shippers, fleet managers, and drivers to optimize the entire transportation ecosystem.
In the past three years, G7 has broadened its coverage from fleet management to transaction services such as settlement and insurance. It is reported that 85% of China's largest logistics providers rely on G7 for their fleet management needs.
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