Hoopo raises $10 million in hopes to revolutionize fleet digitization
The company’s solution transforms unpowered assets into connected fleets using highly durable and power-efficient tracking technologies
Hoopo, an Israeli provider of asset and fleet visibility solutions, announced a $10 million Series A funding round led by ZIM and theDOCK, and joined by new and existing investors TAU Ventures, HICO, and others. The funding brings Hoopo’s total amount raised to date to $17 million.
The Tel-Aviv- based company’s solutions transforms unpowered assets into connected fleets, and helps businesses track and manage their operations, inventory, and equipment by providing real-time data and analytics.
Hoopo’s solution tracks and monitors unpowered assets by leveraging innovative power-efficient tracking technology, creating long-lasting, highly durable, and affordable tracking units suitable for any fleet size. Its intelligent location technology can be used across complex logistic operations, including transportation, aviation, waste management, and maritime.
Recent years have seen unprecedented changes in the global supply chain. Record congestion in US ports and skyrocketing asset dwell times have made it nearly impossible to ingest the record cargo volumes surging into the country since the summer of 2020. These extreme challenges have driven many operating companies to seek fleet visibility and start equipping their assets with telemetry to optimize and better manage their complex intermodal operations.
Proceeds from this latest investment round will further Hoopo’s growth in the transportation, aviation, and waste management space. The funding will also support Hoopo in developing a novel tracking solution for the maritime industry, transforming dry containers into smart, manageable fleets. Each tracking unit will be designed to last for the asset’s entire lifetime, while ensuring item-level visibility.
“We are excited about this vote of confidence from our new and existing investors. This round of funding will enable us to turn millions of unpowered assets into connected fleets in the transportation, aviation, and waste management industries, among others,” said Hoopo CEO, Ittay Hayut.
“We are also eager to partner with one of the leading innovators in the maritime industry. The combination of Hoopo’s technology and ZIM’s experience and knowledge will allow us to transform dry containers into smart and digital fleets,” added Hayut.
“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,” said Eli Glickman, CEO and President of Israeli shipping giant ZIM.
“There are more than 26 million dry containers worldwide, and Hoopo’s cutting-edge tracking technology has the potential to revolutionize the way industry players track their movement, enabling further optimization of container fleets.”