G7, China's leading Internet of Things (IoT) company, announced Monday that it had completed a funding round with 320 million U.S. dollars in October.
The size of the fund raised by G7 in this round sets the record in the global IoT start-up scene, the company said in a press release.
G7 has received around 500 million U.S. dollars of investment through multiple rounds in just over a year.
Headquartered in Beijing, G7 provides integrated fleet management solutions and services, which cover areas such as safety, energy, payments, and financing for logistics enterprises and freight fleets.
It is also co-developing an autonomous trucking network together with industry partners.
"Technology is having a profound impact on the industry. Based on IoT, big data, and artificial intelligence, the smart fleet model is fundamentally changing the way the industry operates and is forming a new generation of logistics infrastructure with improved efficiency," said Zhai Xuehun, founder and chief executive officer of G7.
Serving more than 60,000 customers and over 800,000 commercial vehicles, G7 is now one of the world's largest integrated fleet management platforms.