China-based internet of things (IoT) technology producer G7 Networks has raised $70m in funding from investors including logistics service provider Global Logistics Providers (GLP), China Money Network reported today.
The round also included Bank of China Group Investment, a subsidiary of financial services firm Bank of China.
Founded in 2010, G7 Networks has developed an IoT device that tracks the performance of each truck within a fleet, collecting data such as speed and temperature.
The technology makes it possible, for example, to devise more efficient routes and ensure food cargo has remained chilled or frozen throughout the entire journey. The technology has been integrated into more than 600,000 vehicles to date.
GLP and Bank of China will leverage their networks to help G7 expand across China and support industrial upgrades. G7 and Bank of China’s Beijing branch will look to jointly develop financial services, microfinancing, inclusive finance, IoT and big data products.
G7 previously closed a $45m series C round in April 2016 following a $15m extension from internet group Tencent, Singapore state-owned investment firm Temasek and venture capital firm Eastern Bell Venture Capital.
Tencent had already led the round’s $30m first tranche in 2015. Eastern Bell supplied an eight-figure renminbi sum (RMB10m = $1.5m) for the company in 2014 and an undisclosed amount in 2011.
Dong Fanghao, general manager at GLP China, said: “GLP’s investments in G7 represents our recognition [of] the company.
“G7 is an important company in China covering logistics nodes and transportation networks, and GLP is willing to work closely with G7 to together develop a smart logistics ecosystem and improve the efficiency of logistics industry in the country.”