Geolocation startup Hoopo raised $1.5 million in seed funding to provide low-power geolocation solutions for IoT
Israel-based Geolocation startup Hoopo today announces that it has raised $1.5 million seed funding from a group of investors, including the initial investors in Mobileye; noted Israeli investor Zohar Gilon; and Ben Marcus, CEO of AirMap. The startup also announced the launch of the company and its innovative, accurate geolocation solution for low-power wide area (LPWA) networks. The startup will use the funding to to further grow its business and improve precision for low-power Internet of Things (IoT) tracking. The company currently provides a low-power geolocation solution that tracks valuable assets in large areas with no need to recharge batteries.
The need to understand and quantify asset location is quickly 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 solution enables companies to locate their valuable assets, without the significant cost or battery consumption that can be associated with GPS. hoopo’s Internet of Things (IoT) solutions 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 City 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 10 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.”
Hoopo’s solutions are based on a patent-pending, triangulation method that uses LPWA data transmissions to generate a precise location. The solutions 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, ensuring the protection of their valuable 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 leading provider of tracking and management solutions.
“Early applications, such as asset tracking, are just the beginning of what advances in geolocation will enable,” said Dr. Eli Fogel, former CTO at Intel and an investor at hoopo. “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.”
Founded in 2016 by Daniel Avitzour, Erez Aviv, Ilan Lozovsky, Ittay Hayut and Menachem Tipris, Hoopo enables geolocation for low-power, wide-area networks and solutions.