Geolocation Startup Hoopo Announces $1.5 Million Seed Investment
Hoopo developed a geolocation estimation algorithm as an alternative to GPS, locating assets in high-density areas such as vehicles in a parking lot, ships in a port, or free-range cattle
15:4829.01.18
Hoopo, an Israeli startup developing geolocation technologies for Internet of Things (IoT) asset-tracking networks and sensors, announced $1.5 million in seed investment on Monday.
Cattle. Photo: Bloomberg
Among the investors who participated in the funding round are Israeli angel investor Zohar Gilon and AirMap, Inc. CEO Ben Marcus, Hoopo said in a statement.
For daily updates, subscribe to our newsletter by clicking here.
Founded in 2016 Hoopo develops a geolocation estimation algorithm that uses low-power wide-area (LPWA) network data transmissions to generate a precise location, as an alternative to GPS.
Cattle. Photo: Bloomberg Hoopo’s geolocation technology enables companies to locate assets such as vehicles in a parking lot, ships in a port, or free-range cattle, without the increased battery consumption associated with GPS technology.
Related stories:
- Anheuser-Busch InBev Brewing Company Buys Beverage Analytics Startup WeissBeerger
- IoT Cybersecurity Startup Vdoo Raises $13 Million
- Sensor Developer Vayyar Unveils New Smart Home Sensors
“Hoopo is addressing a real business need of companies around the world: cost-effective, yet precise, tracking of their valuable assets with longevity of battery life up to 10 years in the field,” Ittay Hayut, CEO of Hoopo, said in a statement.
