In an effort to radically improve precision for low-power Internet of Things (IoT) tracking, hoopo today announced the launch of the company and its innovative, accurate geolocation solution for low-power wide area (LPWA) networks.

The company also announced it has received $1.5 million in funding to further grow its business from a group of investors, including the initial investors in Mobileye; noted Israeli investor Zohar Gilon; and Ben Marcus, CEO of AirMap.

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 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.”

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