In the latest round of funding, G7 Networks has received a capital injection to the tune of US$70 million from Singapore-based Global Logistic Properties (GLP) and Bank of China Group Investment Ltd. (BOCGI).
G7 is a leading Chinese fleet management company with increasing presence in the Internet of Things domain (IoT). BOCGI is a wholly owned subsidiary of the Chinese behemoth Bank of China.
Analysts have identified the latest round of funding as a strategic investment for GLP and BOCGI in the fast-growing IoT industry in China.
The two investors plan to leverage resources and expertise in their respective industries to help create a smart IoT and big data mining ecosystem in China. The fresh funding will further lend support to G7’s plans of using IoT and big data to galvanise the fleet management industry in China.
Strategic Partnership between G7 and BOC Beijing
G7 has also got into a strategic alliance with the Beijing branch of Bank of China to jointly develop products in the fields of inclusive finance, micro-financing, comprehensive financial services, big data and IoT. The investments will help create a smart platform that will be compliant with the industrial upgrades required to support China’s economic transformation and aspirations to become the next economic powerhouse.
How G7 Became the Darling of Global Investors
G7 was founded in 2010 and has since made important contributions to the fleet management industry with its revolutionary ideas. Its expertise lies in asset tracking, short and long haul visibility, dispatch and route planning for its clients and order processing among other things.
This year, it has also got into a strategic partnership with WABCO, a technology solutions and services provider for the commercial vehicles and logistics sector. The partnership has allowed G7 to merge its smart artificial intelligence solutions with WABCO’s intelligent trailer program to transform the local logistics and delivery industries.
The solutions have improved the cost and operational efficiencies of the logistics sector, provided better security for the commercial vehicle fleets, and have made asset management easier.
Dong Fanghao, the general manager of GLP China, believes that the investment will help unlock the true potential of the fleet management industry with the algorithms becoming smarter and more user-friendly.
G7 has thus far managed to raise an aggregate of over US$190 million in a series of funding from global investors like Tencent, Temasek Holdings, GLP, BOCGI and Eastern Bell Venture Capital among others.