Geolocation Startup Hoopo Announces $1.5 Million Seed Investment

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.

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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.

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. 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.

“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.