Israeli shipping company ZIM Integrated Shipping Services Ltd. said it has invested in Hoopo Systems Ltd., a provider of tracking solutions for unpowered assets, as the firm sets out to develop a first-of-its-kind tracking solution for dry containers.
New York-listed ZIM announced Friday that it invested $5.5 million in Hoopo, alongside both existing and new financial investors as part of a recently completed Series A financing round.
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 said.
Eli Glickman, president and CEO of ZIM, said, "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, 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."