The latest: G7, a Beijing-based Internet of Things (IoT) logistics startup, said it raised $200 million in a new funding round led by Trustbridge Partners, raising its valuation to $2.2 billion.

Looking up: The company said the capital will be used to develop new technologies and recruit talent. Other investors include existing shareholders State Development and Investment Group Co. Ltd., China Broadband Capital and Cinda Sino-Rock Investment Ltd., reflecting confidence among older backers.

Take Note: The latest funding is G7’s E+ round. Before that the previous E round in 2018 was led by Hopu Investment Management and raised $320 million, representing a high for IoT companies globally at that time. Fundraising amounts were growing steadily from round-to-round previously, but the latest total marked a reduction, which may lead to market speculation that the company is losing its appeal.

Digging Deeper: G7 is a well-established startup in the IoT space, founded in 2010 and receiving its Series A funding the next year. It provides one-stop digital services such as fleet management, safety management, cargo management and IoT insurance through real-time IoT data to logistics fleets, third-party logistics companies, traders and manufacturers to help customers enhance their order experience, improve safety and optimize operational efficiency. The company says it is currently connected to more than 2 million vehicles and serves nearly 50,000 freight operators. G7 is not listed but has a strong shareholder base, including Bank of China Group Investment Ltd., Tencent Investment and Singapore’s Temasek sovereign wealth fund.

Translation by Jony Ho

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