Israeli geolocation co hoopo raises $3.5m

Israeli geolocation startup hoopo today announced a $3.5 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, including previous rounds from investors in Mobileye, Israeli investor, Zohar Gilon, and AirMap chairman Ben Marcus.

hoopo is redefining geolocation technology with high-accuracy low-power capabilities via the Internet of Things (IoT). 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 utilizing 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 optimizing logistic efficiency through real-time data and analytics.

hoopo cofounder and CEO Ittay Hayut said, "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." Eyal Agmoni from JIHTV1, a fund by Chartered Group said, "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 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."

Published by Globes, Israel business news - en.globes.co.il - on June 3, 2019