FLEET DIGITIZATION LEADER HOOPO RAISES $10 MILLION IN SERIES A
AUGUST 12, 2022
An Israeli cutting-edge, low-cost, power-efficient tracking solutions provider, Hoopo, has raised $10 million in Series A funding. The financing round was led by ZIM and theDOCK along with participation from new and existing investors – TAU Ventures, HICO and others. With this round, the total funding raised by the company to date is $17 million.
Develops tracking solution for maritime industry
The fresh funds will be used for Hoopo’s further growth in the transportation, aviation, and waste management space. The funding will also support Hoopo in developing a first-of-its-kind 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.
Hoopo CEO Ittay Hayut elaborated: “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. 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.”
ZIM CEO and President Eli Glickman noted, “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. There are more than 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 implementation of this first-of-its-kind solution in our dry container fleet, as well as promoting its adoption across the industry.”
Nimrod Cohen, Managing Partner of TAU Ventures: “We have accompanied Hopo from the very beginning and are proud of the team and the company for the consistent and significant development, and for turning their vision into a reality that helps the most significant entities in the industries in which the company operates.”
Smart digital system for fleet operators
In recent years, there has been unprecedented changes in the global supply chain. In addition, the 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 2020. These extreme challenges have driven many operating companies to seek fleet visibility and start equipping their assets with telemetry to optimise and better manage their complex intermodal operations.
Hoopo was founded by Ittay Hayut and Menachem Tipris in 2016 with the aim to make logistics tracking should be seamless, cost-effective, and power-efficient. Its mission is to help businesses easily track and manage their logistics operations more efficiently and cost-effectively by providing real-time data and analytics, to easily monitor assets, gain actionable insights, and make proactive, data-driven decisions to prevent bottlenecks, optimise utilisation, and perform timely maintenance actions.
HoopoLogic, its end-to-end solutions combine sophisticated low-power interoperable hardware, cloud software, and live dashboards to provide complete visibility and an intuitive user experience. It serves a diverse range of clients across various business sectors from airport handling to fleet operations, waste management, and supply-chain logistics.