ZIM invests $5.5mn in tracking solutions provider Hoopo
Funds to be used for developing Hoopo's technology for maritime industry, specifically dry containers.
Israeli carrier ZIM Integrated Shipping Services has invested $5.5 million in the $10 million Series A financing round of Hoopo Systems, a provider of tracking solutions for unpowered assets, along with theDOCK, and joined by new and existing investors TAU Ventures, HICO, and others.
"Hoopo is a leading provider of asset and fleet visibility solutions, working on transforming unpowered assets into connected fleets, thereby helping businesses to easily track and manage their operations, inventory, and equipment more efficiently by providing real-time data and analytics," according to a statement issued by ZIM.
Hoopo's solution is designed specifically for tracking and monitoring of unpowered assets by leveraging a unique, power-efficient tracking technology that creates long-lasting, highly durable and affordable tracking units that are suitable for any fleet size, the statement added. "Hoopo's Location Intelligence technology can be used across complex logistic operations such as transportation, aviation, waste management, and maritime. Customers using Hoopo's solutions gain improvement in asset utilisation and cycle times, identify bottlenecks, optimise operations for higher efficiency, and offer elevated customer experience."
Proceeds of the investment will be used to develop Hoopo's technology for the maritime industry, specifically dry containers, including the use of solar energy to power the tracking devices.
"The funding brings Hoopo's total amount raised to date to $17 million including previous rounds from Chartered Group, GiTV, and private investors such as Ben Marcus, Zohar Gilon, and Ido Greenberg," says a statement from Hoopo.
"In a time when the ability to improve supply chains has proven to be a critical competency, we are pleased to embark on this new digital initiative," says Eli Glickman, President and CEO, ZIM. "There are approximately 26 million dry containers worldwide, and Hoopo's cutting-edge tracking technology has the potential to revolutionise the way industry players track their movement, enabling further optimisation of container fleets. We look forward to working with the team at Hoopo on the implantation of this first-of-its-kind solution in our dry container fleet as well as promoting its adoption across the industry."
Ittay Hayut, CEO, Hoopo, adds: "We are excited to form this partnership with one of the leading and most innovative companies in the maritime industry. This huge vote of confidence from new and existing investors, together with Hoopo's technology, and ZIM's experience and knowledge, will allow us to transform dry containers into smart and digital fleets."
Hoopo was founded in 2017 by a team of experts in RF communications and geolocation technologies.