Hoopo raises US$3.5mn in seed funding from GiTV, Chartered Group and TAU Ventures to enable IoT asset-based tracking
hoopo, a company that claims to be “redefining geolocation technology” with high-accuracy low-power capabilities via the Internet of Things (IoT), has secured a $3.5 million (€3.1 million) funding round from Chartered HighTech JIHTV1 fund, TAU Ventures, and Global IoT Technology Ventures (GiTV).
hoopo has now raised a total of $5 million (€4.4 million), including previous rounds from the initial investors in Mobileye; noted Israeli investor, Zohar Gilon; and Ben Marcus, co-founder and chairman of AirMap.
The company was founded in Israel by a team of experts with over 120 years of combined experience in RF communications and tracking systems. Its unique technology enables GPS-less geolocation by providing accurate positioning for low-power devices. With this latest round, hoopo will scale up the business operations on a national and international basis.
hoopo’s geolocation solution enables companies to locate their valuable assets utilising low-power wide area (LPWA) networks, without the significant cost or battery consumption that can be associated with GPS.
hoopo’s IoT solutions help companies precisely track specific assets and monitor their environments, including temperature, moisture levels and more, opening up the possibility of industries that can use geolocation technology that were previously unable to support the high costs and significant power consumption, such as airports, the supply chain, wide-area campuses and more.
Using hoopo, customers can receive on-demand geolocation, establish geofences, receive movement alerts, and more, ensuring the protection of their valuable assets. These solutions help hoopo’s customers save on top-line expenses by optimising logistic efficiency through real-time data and analytics.
“We’re so pleased that Chartered HighTech JIHTV1 fund, TAU Ventures, and GiTV joined as investors to share our vision and see the potential in this market,” said Ittay Hayut, CEO & co-founder of hoopo. “Our solution helps companies across a range of vertical sectors to achieve significant savings in their asset tracking and this funding will help us accelerate our development and sales processes to meet their needs.”
“We’re incredibly excited to be partnering with hoopo,” said Eyal Agmoni from JIHTV1, a fund by Chartered Group. “As the anchor investor in TAU Ventures, we came to know hoop and through that, saw the value in this technology which led us to make our first direct investment decision. We believe that the company has a world class team, industry-leading technology, and the ability to bring about a profound change in geolocation systems. hoopo’s momentum is a testament to the team’s hard work and the scale of the opportunity at hand.”
“hoopo’s innovative solutions are transforming the possibilities of asset tracking,” said Mr. Hiro Mori, general manager of Israel Development Office at Toshiba of Europe Limited. “For a while now, we have been searching for an ultra-low-power tracking solution that is capable of providing high accuracy for our various use-cases and we are happy to have identified hoopo as an ideal solution for our clients.”