SUNNYVALE –– Shoof Technologies, a developer of advanced wireless technology for the Industrial IoT, has raised $4.3 million in seed capital led by Kleiner Perkins and Modiva Japan.
Shoof’s technology for asset monitoring and tracking overcomes the unreliability of current wireless technology for logistics and supply chain management, particularly indoors. It offers a cloud platform and equipment – including base stations and tags – to track assets in motion anywhere, in real time. Shoof’s technology is applicable to a wide range of industrial markets, and the company’s initial focus will be on manufacturing and transportation.
“We are excited to partner with such reputable firms who share our vision of empowering the supply chain and logistics industries with efficient asset-monitoring and tracking connectivity technologies,” said Ra’ed Elmurib, CEO, Shoof Technologies. “Industrial IoT is poised to become a trillion-dollar industry, but it does not have a dedicated wireless connectivity solution. Two years ago, our co-founders, George Flammer and Elad Gottlib, set out to solve this problem by creating Shoof, and the injection of seed capital will bring us closer to realizing their vision.”
“In today’s $750B logistics market, one of the biggest problems for Industrial IoT is building a cost-efficient solution for managing and monitoring an exponential amount of assets indoors,” said Wen Hsieh, general partner at Kleiner Perkins. “We’re thrilled to work with this top-notch team, and Shoof’s leading technical approach is poised to transform how manufacturers move their track-and-trace logistics into the future.”
Shoof will begin product trials with some manufacturing and logistics customers in early 2018.