Asset tracking technology company Hoopo has announced a $10 million Series A funding round led by container carrier ZIM and investment group theDOCK, providing the firm with the capital to develop a maritime-specific container tracking product.
The funding brings Israel-headquartered Hoopo’s total amount raised to date to $17 million, including previous rounds. The firm provides technologies used to track and manage operations and equipment by providing real-time data and analytics on asset location.
Proceeds from this latest investment round will support Hoopo in developing a specific tracking system for the maritime industry, with the aim of transforming dry containers into smart assets.
Each tracking unit will be designed to last for the container’s entire lifetime, while providing 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.”