OCEAN carrier Zim Integrated Shipping Services has invested US$5.5 million in asset and fleet visibility systems developer Hoopo.
The investment was part of a Series A financing round, which Zim participated in along with existing and new investors.
Hoopo is working to transform unpowered assets (such as shipping containers) into connected fleets, thereby helping businesses track and manage operations, inventory, and equipment.
The company’s “location intelligence technology” can be used across complex logistic operations such as transportation, aviation, waste management, and maritime.
A statement from Zim said 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.
Zim CEO Eli Glickman said he was pleased to embark on the digital initiative in a time when the ability to improve supply chains has proven to be a critical competency,
“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,” Mr Glickman said.
“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.”
Hoopo CEO Ittay Hayut said: “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.”
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