Geolocation start-up Hoopo lands $1.5m funding
February 1, 2018
Israeli asset tracking start-up Hoopo has landed $1.5m in funding to grow its business. The company has developed an IoT geolocation offering for low-power wide area (LPWA) networks.
The investors include the initial investors in Mobileye –Israeli investor Zohar Gilon and Ben Marcus, CEO of AirMap.
The need to understand and quantify asset location is becoming a requirement for the enterprise and industrial IoT. However, the accuracy of today’s low-power geolocation isn’t precise enough to deliver on the full promise of the IoT. Hoopo’s geolocation enables companies to locate their assets without the significant cost or battery consumption that can be associated with GPS. It can help companies precisely track specific assets in areas such as ports, vehicle dealer yards, parking lots, cattle ranches and other asset-dense areas.
LPWA networks are becoming the driving force behind smart cities and other IoT applications because of their low-cost, low-power consumption, and high-coverage capabilities in rural and urban environments. The long battery life of LPWA devices allows businesses to deploy a maintenance-free device in the field for several years.
“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 ten years in the field,” said Ittay Hayut, CEO of Hoopo. “LPWA checks off all of the boxes companies need in terms of cost and coverage, and Hoopo’s solutions work alongside these LPWA networks to help businesses keep their assets safe, anytime and anywhere.”
The company’s technology is based on a patent-pending triangulation method that uses LPWA data transmissions to generate a precise location. The suite includes low-cost LPWA gateways and devices, as well as a platform for management and real-time notifications. Companies can receive on-demand geolocation, establish geofences, receive movement alerts and more to protect their assets.
“Hoopo's geolocation technology reveals new business verticals that were limited or impossible when using existing technologies because of their high-cost and significant power consumption,” said Menashe Terem, CEO at Tri-Logical, a provider of tracking and management services.
Eli Fogel, former CTO at Intel and an investor in Hoopo, added: “Early applications such as asset tracking are just the beginning of what advances in geolocation will enable. Just as the advent of GPS launched a wealth of applications that no one ever thought of before, such as location-based advertising, there are future applications that this next generation of geolocation technology will enable. We’re excited to see what new applications emerge as customers embrace these new precision location capabilities.”