China-based internet-of-things (IoT) technology developer G7 Networks has secured $320m in funding from investors including oil and gas supplier Total, internet company Tencent and logistics services provider Global Logistics Providers (GLP).
The round, closed in October 2018 and disclosed yesterday, was led by Hopu Investments and included Bank of China Investment, a subsidiary of financial services firm Bank of China, as well as China Broadband Capital, Intelligent Fund of Funds, Mount Morning Capital and TH Capital.
Total participated through its corporate venturing unit, Total Energy Ventures.
Founded in 2010, G7 Networks operates a software platform that relies on IoT devices to track and monitor trucks within a provider’s own fleet and subcontracted vehicles.
The system calculates predicted arrival times and tracks driving aspects such as speeding and fuel anomalies and is used to track more than 800,000 vehicles for a total of more than 60,000 clients.
G7 is also co-developing an autonomous trucking network through Inceptio Technology, a joint venture established with GLP and Nio Capital, a subsidiary of electric car producer Nio, in April this year.
The company has secured approximately $500m in funding in the past year, it said. GLP previously contributed to a $70m funding round in December 2017 alongside Bank of China Investment.
The December round came after G7 closed a $45m series C round the year before with a $15m extension supplied by Tencent, Singapore state-owned investment firm Temasek and Eastern Bell Venture Capital. The first tranche had been led by Tencent in 2015.
Girish Nadkarni, chief executive of Total Energy Ventures, said: “Total highly recognises G7’s industry-leading technical and service capabilities. Total and G7 have a common customer base and complementary product portfolios.
“We are excited to work with G7 to provide quality services to our customers and to jointly develop international markets by leveraging Total’s global network.”
