Chinese Logistics Fleet Management Company backed by Tencent, G7, has raised $320 million in a round of funding aimed at automating logistics infrastructure in the nation. This round of fundraising raised the total capital of the company to $500 mn. The company runs a proprietary connected platform for trucks, shippers, fleet manager and drivers. This recent fundraiser enables it to automate the industry as per national goals.
The funds were raised from various sources, the primary backer being lead investor HOPU Investments, one of the most high-profile private equity firms in China. Other participants included new investors China Broadband Capital, Intelligent Fund of Funds, Mount Morning Capital, Total Energy Ventures and TH Capital, who are joined by existing investors GLP, Bank of China Investment and Tencent.
The eight-year-old technology company reports that the latest rounds of investment have made it one of the most valuable Internet of Things (IoT) based companies around the world. Despite declining requests to reveal the details of latest company profile and evaluation, they still maintain their stance on their statement while further adding that they have now become the most valuable Internet of Things startup across the entire world.
“Artificial intelligence in IoT is reinventing transportation and logistics equipment. Intelligent equipment and asset-as-a-service are the next big waves,” says G7 president Julian Ma, who formerly served as a vice president at Tencent overlooking location-based services, search, and autonomous driving for five years.
The company has been actively participating in many verticals of the market and has been quite busy building large networks spanning from logistics, commercial vehicles, energy to payments, and almost everything in between. It has already joined hands with NIO, a Chinese electric carmaker in a trucking network while leveraging French Venture Capitalists Total Energy Venture’s global network.
The company claims to have reached 60,000 customers with a global fleet of 800,000 commercial vehicles with 85% of their clients being Chinese corporations. In recent years, China’s internet behemoths have upped the ante in how goods move around as they look offline for growth. This puts a stiff amount of pressure on the corporation to perform well in this race for logistics automation in the nation of China.