The Israeli container shipping company ZIM participated in the first round of venture capital financing in Hoopo Systems Ltd., a provider of cutting-edge tracking solutions for unpowered assets.
ZIM decided to invest US$5.5 million in Hoopo, alongside existing and new financial investors.
Hoopo works to transform unpowered assets into connected fleets, helping businesses easily monitor and manage their operations, inventory and equipment more efficiently by providing real-time data and analytics, according to a statement. Hoopo's Location Intelligence technology can be used in complex logistic operations such as transportation, aviation, waste management and shipping.
"In a time when the ability to improve supply chains has proven to be a critical competency, we are pleased to embark on this new digital initiative," said Eli Glickman, president and CEO of ZIM.
It should be noted that the proceeds of this investment are intended, among other things, for the further development of Hoopo's technology for the shipping industry, specifically dry containers, including the use of solar energy to power tracking devices.
"There are approximately 26 million dry containers worldwide, and Hoopo's cutting-edge tracking technology has the potential to revolutionise the way industry players track their movement, enabling further optimisation of container fleets. We look forward to working with the team at Hoopo on the implantation of this first-of-its-kind solution in our dry container fleet as well as promoting its adoption across the industry," added Glickman.