Singapore’s Global Logistics Properties (GLP) and Bank of China Group Investment Ltd., a wholly owned investment subsidiary of Bank of China, have made a $70-million strategic investment in Beijing-based fleet management firm G7 Networks.
Earlier this year in February, G7 had raised $45 million from GLP and China Development Bank Capital Corporation Ltd. This latest round brings it aggregate funding to more than $190 million.
The investment in G7 will see GLP and BOCGI leverage resources in their respective industries to accelerate the growth of G7’s smart Internet of Things (IoT) platform in China to support industrial upgrades. The deal also sees G7 entering a strategic partnership with Bank of China’s Beijing branch to jointly develop products in the fields of financial services, micro-financing, inclusive finance, IoT and Big Data.
Founded in 2010, G7 offers fleet management services, including order processing, short and long haul visibility, asset tracking, dispatch and route planning. Clients of the firm include SF Express, Best Logistics, DHL, JD.com Inc. and Huawei Technologies.
Earlier this year, G7 partnered with NYSE-listed commercial vehicles technologies and services provider WABCO to develop and sell advanced fleet management systems for trucks and trailers. The firms launched ‘Smart Trailer FMS’, a fleet management system that combines WABCO’s intelligent Trailer Program and G7’s artificial intelligence (AI) technologies and algorithms to enhance fleet safety, efficiency and asset management.
In an announcement, Dong Fanghao, the general manager at GLP China, said, “G7 is an important company in China covering logistics nodes and transportation network, 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.”
Previously, G7 had raised a $45-million Series D round led by Tencent with support from Temasek Holdings, Tencent Holdings Ltd. and Eastern Bell Venture Capital in April 2016. In March 2015, it closed a $30 million Series C round led by Tencent and Eastern Bell. Eastern Bell is an existing investor that funded a Series B round worth “tens of millions of RMB” in 2014 and an earlier venture round in 2011.