In brief: Tencent-backed fleet management firm nets $320m from Hopu, others

G7, a China-based internet of things (IoT) company, announced that it had completed a funding round with a record-setting US$320 million in October. This round was led by Hopu Investments. Other new investors include China Broadband Capital, Intelligent Fund of Funds, Mount Morning Capital, Total Energy Ventures, and TH Capital.

Source: G7

Existing shareholders Tencent, GLP, and Bank of China Investment also participated in the round.

The fresh funding will allow the company to focus on co-developing an autonomous trucking network as well as invest in intelligent equipment and infrastructure.

G7 provides integrated fleet management solutions and services using a “proprietary artificial intelligence in IoT (AIoT) platform.” It covers safety, energy, payments, financing, and intelligent-equipment-as-service, as well as logistic enterprises and freight fleets.

The startup claims to serve more than 60,000 customers and 800,000 commercial vehicles.