ZIM Announces Participation in a Series A Financing Round in Hoopo, a Provider of Cutting-Edge Tracking Solutions for Unpowered Assets
ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) announced today the completion of a Series A financing round in Hoopo Systems Ltd., a provider of cutting-edge tracking solutions for unpowered assets, in which ZIM participated. ZIM invested $5.5 million in Hoopo, alongside both existing and new financial investors.
Hoopo is a leading provider of asset and fleet visibility solutions, working on transforming unpowered assets into connected fleets, thereby helping businesses to easily track and manage their operations, inventory, and equipment more efficiently by providing real-time data and analytics. Hoopo’s solution is designed specifically for tracking and monitoring of unpowered assets by leveraging a unique, power-efficient tracking technology that creates long-lasting, highly durable and affordable tracking units that are suitable for any fleet size. Hoopo’s Location Intelligence technology can be used across complex logistic operations such as transportation, aviation, waste management, and maritime. Customers using Hoopo’s solutions gain improvement in asset utilization and cycle times, identify bottlenecks, optimize operations for higher efficiency, and offer elevated customer experience.
Proceeds of this investment are intended to, among others, further develop Hoopo’s technology for the maritime industry, specifically dry containers, including the use of solar energy to power the tracking devices.
Eli Glickman, President and CEO of ZIM, remarked: “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. There are approximately 26 million dry containers worldwide, and Hoopo’s cutting-edge tracking technology has the potential to revolutionize the way industry players track their movement, enabling further optimization 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.”
Ittay Hayut, CEO of Hoopo, noted: “We are excited to form this partnership with one of the leading, and most innovative companies in the maritime industry. This huge vote of confidence from new and existing investors, together with Hoopo’s technology, and ZIM’s experience and knowledge, will allow us to transform dry containers into smart and digital fleets.”