Israel-based Hoopo last week announced that it has raised $10 million in Series A funding. The round, led by ZIM ZIM 5.72%↑ and theDOCK, brings the total funding raised to $17 million.
For its part, ZIM, a global shipping container company, invested a total of $5.5 million. Other investors include TAU Ventures, HICO, Chartered Group, GiTV and private entities.
Hoopo was founded in 2017 by RF communication and geolocation specialists, offers a solution that enables real-time location intelligence to include both tracking and status monitoring for unpowered assets, the company said. Hoopo, which works with transportation, aviation, waste management and maritime logistics companies, says its suite of technologies enables asset positioning with low power.
The new investment round’s proceeds will go into research and development for maritime solutions, specifically dry containers, including the use of solar energy to power the tracking devices, the company said.