In a recent announcement, a new company for improving precision for low-power IoT tracking, hoopo, has launched with a 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; Israeli investor Zohar Gilon; and Ben Marcus, CEO, AirMap.
The need to understand and quantify asset location is quickly becoming a requirement for the enterprise and IIoT. hoopo’s geolocation solution is designed to enable companies to locate valuable assets without the cost or battery consumption that can be associated with GPS. hoopo’s IoT solutions help companies 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, 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.”
hoopo’s solutions are based on a patent-pending, triangulation method that uses LPWA data transmissions to generate a precise location. The solutions suite includes LPWA gateways and devices, and a platform for management and real-time notifications. Companies can receive on-demand geolocation, establish geofences, receive movement alerts, and more, ensuring the protection of their valuable assets.
“Early applications such as asset tracking are just the beginning of what advances in geolocation will enable,” said Dr. Eli Fogel, former CTO at Intel (News - Alert) and an investor at hoopo. “Just as the advent of GPS launched a wealth of applications that no one ever thought of before, such as location-based advertising, there are future applications that this next generation of geolocation technology will enable. We’re excited to see what new applications emerge as customers embrace these new precision location capabilities.”