GPS-Free Geolocation Startup Hoopo Raises $3.5 Million

Israel-based GPS-free geolocation startup Hoopo Systems Ltd. has raised $3.5 million in seed, Hoopo announced Monday. Japan-Israel Hi-Tech Ventures, a venture fund operated by Singapore-based asset management firm Chartered Group, Tokyo-based Global IoT Technology Ventures Inc. (GiTV), and TAU Ventures, the venture capital arm of Tel Aviv University, all invested in the round. The latest investment brings Hoopo’s total funding raised to $5 million.

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Founded in 2016, Hoopo develops energy efficient geolocation technologies, utilizing low-power wide area (LPWA) networks for monitoring the location and environment of specific assets. This allows companies and institutions such as industrial complexes, airports, and university campuses to manage logistics and supply chains at a relatively low cost.

Hoopo employs 15 people in offices in central Israeli town Ra’anana and in Santa Monica, California.

The company intends to use the funding to expand its development and sales efforts, Hoopo Co-Founder and CEO Ittay Hayut said in a statement.