Chinese IoT company G7 has broken a record – for the single largest instance of fundraising in the Internet of Things, according to a company executive.

G7 completed its $320 million funding round in October led by HOPU Investments, the company announced.

But what is G7? The company is among a new wave of Chinese internet startups that are jumping on the so-called “industrial internet,” a buzz word in China that represents a shift toward targeting business customers instead of individual users. Other companies like Xiaomi are also shifting to IoT for profits in the face of slumping smartphone sales.

Related: Xiaomi Focuses on AI, Internet of Things as Smartphone Sales Fade