China-based logistics big data technology developer G7 has completed a $45m series C round following a $15m extension backed by internet company Tencent, AllChinaTech reported yesterday.
The round also featured Singapore’s sovereign wealth fund Temasek and venture capital firm Eastern Bell Venture Capital. Tencent had already led the round’s $30m first tranche, which was closed in May 2015.
G7 has built a device that is installed on individual trucks in a fleet to collect data such as speed, humidity and temperature. The data helps logistics providers plan better routes and run their network more efficiently.
The company will use the fresh funding to expand its platform in order to cover the broader supply chain, including warehouse analytics, goods delivery and container shipping. It has not revealed details about earlier funding rounds.
Zhai Xuehun, founder and president of G7, said: “We are planning to improve the efficiency of logistics companies, drivers and consignors based on big data. We want to use digital methods to improve the intelligence, automation and efficiency of logistics.”
– Image courtesy of Wikimedia Commons (source)
