China Development Bank's private equity arm, China Development Bank Capital Corporation Ltd. (CDB Capital), and Singapore-based Global Logistic Properties Ltd. (GLP) have completed a US$45 million strategic investment in Beijing-based logistics big data company G7.
At the same time, G7 formed strategic partnerships with Indiana-based diesel and natural gas engines company Cummins Inc. and Brussels-based commercial vehicles safety technology company Wabco to collaborate on engine data and truck data information sharing.
Founded in 2010, G7 operates similarly to global peers such as Navman wireless, Mix, Omnitracs, Telogis and Fleetmatics, providing real time tracking, analysis and management of trucking fleets.
Its product "G7 Smart Box" can provide logistics companies real-time data on their truck fleets, including location, speed, route, stopping time, oil consumption, drivers' behavior and engine temperature. It currently oversees 300,000 trucks for 30,000 logistics companies.
G7's global international peer Dublin-based Fleetmatics was acquired by Verizon Communications Inc. in August 2016 for US$2.4 billion. California-based Telogis was also acquired by Verizon for an undisclosed amount in 2016.
The company previously raised an undisclosed series A and series B round form Eastern Bell Venture Capital. It later raised a US$30 million round led by Tencent in 2015, and a US$45 million series C+ round from Tencent Holdings Ltd., Singapore's sovereign wealth fund Temasek Holdings and Eastern Bell Venture Capital in 2016.
Established in 2009, CDB Capital has registered capital of RMB59 billion (US$8.57 billion), and currently has RMB150 billion (US$21 billion) of assets under management.
Singapore-listed GLP is a logistics warehouse developer in China, Japan, Brazil and the United States with a US$39 billion property portfolio comprising 562 million square feet of logistics real estate.
It provided RMB100 million (US$15 million) in financial credit to Chinese truck logistics start-up Fuyoukache in November 2016, and has launched two China-focused logistics infrastructure funds so far.