IoT Logistics Firm G7 Raises $200M in New Funds
G7, a Chinese Internet of Things (IoT) technology company, announced on Tuesday that it has raised $200 million in a new funding round led by Trustbridge Partners and CMG-SDIC Capital, alongside previous investors. The funds will be mainly used for product research and development, as well as for improvements in customer services.
G7 is a leading software service provider in China’s road freight industry. It offers loT-powered subscription solutions and transaction solutions to freight managers. In the past three years, G7 has successfully expanded its services from subscription solutions to transaction solutions. The firm’s revenue continues to grow, driven by strong up-selling and cross-selling.
Freight managers are companies and organizations that manage the operations, safety, transactions and equipment of road freight. The main types of freight managers include truck fleets, shippers, third-party logistics service providers, trading companies and manufacturers. According to BCG’s research, approximately 80% of the road freight transport capacity in China is managed by around 700,000 freight managers.
On the one hand, G7 breaks through the problem of obtaining real-time and accurate data in different scenarios of the logistics industry through IoT technology. On the other hand, it solves the safety efficiency and cost problems of people, vehicles, goods and transactions with SaaS services, helping small and medium-sized enterprises in the logistics industry realize digital transformation.
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At present, G7’s software is applied in 2 million vehicles and serves nearly 50,000 freight operators. It is in a leading position in terms of customer experience, safety and operating efficiency.