hoopo raises $3.5M in seed funding to scale up business
hoopo’s geolocation solution enables companies to locate their valuable assets utilizing low-power wide area (LPWA) networks.
hoopo, Los Angeles, announced a $3.5 million funding round from Chartered HighTech JIHTV1 fund, Singapore; TAU Ventures, Israel; and Global IoT Technology Ventures (GiTV), Japan, totaling $5 million from previous rounds from initial investors.
With this latest round, hoopo will scale up the business operations on a national and international basis.
hoopo’s geolocation solution enables companies to locate their valuable assets utilizing low-power wide area (LPWA) networks. hoopo’s Internet of Things (IoT) solutions help companies precisely track specific assets and monitor their environments, including temperature, moisture levels and more. Hoopo provides on-demand geolocation, establishes geofences, receives movement alerts and more.
"We're so pleased that Chartered HighTech JIHTV1 fund, TAU Ventures and GiTV joined as investors to share our vision and see the potential in this market," says Ittay Hayut, co-founder and CEO of hoopo. “Our solution helps companies across a range of vertical sectors to achieve significant savings in their asset tracking, and this funding will help us accelerate our development and sales processes to meet their needs."
“We’re incredibly excited to be partnering with hoopo,” says Eyal Agmoni, head of JIHTV1, a fund by Chartered Group. “As the anchor investor in TAU Ventures, we came to know hoopo, and through that, saw the value in this technology, which led us to make our first direct investment decision. We believe that the company has a world-class team, industry-leading technology and the ability to bring about a profound change in geolocation systems. hoopo’s momentum is a testament to the team’s hard work and the scale of the opportunity at hand.”