G7, which is a subsidiary of Huitong Tianxia IOT Technology, will use the funds to develop its technology offerings. It also intends to improve its ability to monitor data in other supply chain processes like warehousing.
According to an article on China Money Network, G7 has installed its smart device in approximately 200,000 cargo vehicles in China. With the device, the company is able to compile data that will assist logistics companies and drivers in planning routes and understanding more about the vehicles’ speed, humidity, and temperature. The company also launched an app to help drivers get paid for their work.
“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,” said Zhai Xuehun, founder and president of G7, as quoted by a report on All China Tech.
The All China Tech report also noted that G7’s clients include logistics companies like SF Express, STO Express and Yunda Express. In China, it faces competition from Alibaba-owned Cainiao, and from Navman Wireless, Mix, Omnitracs, Telogis, and Rivigo elsewhere.
Nearly a year ago, G7 had raised a $30-million round led by Tencent.
Earlier last month, Temasek Capital, which is Singapore’s sovereign wealth fund, was reported to be an investor in Cainiao, alongside other sovereign wealth funds like Khazanah and GIC.