Shoof Technologies Announces $4.3 Million Seed Funding Led by Kleiner Perkins and Movida
Company's Advanced Wireless Technology Offers a Breakthrough Solution for Indoor and Outdoor Asset Monitoring and Tracking
SUNNYVALE, Calif., January 18, 2018-- Shoof Technologies Incorporated, pioneer of an advanced wireless technology for the Industrial IoT, announced that it 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."
"We are excited to work with the experienced team at Shoof who has the ambition to revolutionize the supply chain and logistics industries," said Fuyuki Yamaguchi, managing partner at Abies Ventures, an investment advisor to Movida Japan. "Shoof technology is what the industry needs."
In many scenarios, increased power for cellular or GPS activity is still insufficient to achieve connectivity within challenging indoor environments and quickly drains the limited battery budget of the sensor, ultimately reducing the lifetime of an RFID tag for tracking assets. With Shoof, manufacturers can make collecting and transmitting data from assets anywhere to the cloud effortless, and at a fraction of the cost. Its technology offers unmatched advantages, including scalability, ability for both indoor and outdoor tracking, a long communication range, blockchain-capable security authentication, open-network infrastructure, and is free of maintenance.
Shoof will begin product trials with some of today's largest manufacturing and logistics customers in early 2018.
Shoof is a pioneer of an advanced wireless technology designed specifically for the industrial IoT and the logistics markets. Founded by former lead technologists at Silver Spring Networks, George Flammer and Elad Gottlib, Shoof connects and transports data from assets to the cloud in a reliable, secure, scalable and low-cost manner. Building upon advanced wireless technology with edge intelligence, the Shoof solution combines this low-cost infrastructure with flexible cloud data access and a simple subscription business model. Join Shoof on Twitter and LinkedIn or visit www.shooftech.com.
Shoof Technologies, and the Shoof logo are trademarks of Shoof Technologies, Incorporated.
About Kleiner Perkins
Kleiner Perkins partners with the brightest entrepreneurs to turn disruptive ideas into world-changing businesses. With $10 billion raised through 20 venture funds and four growth funds, the firm has invested in over 850 companies including pioneers such as Google, App Dynamics, Amazon, Flexus Biosciences, Nest, Waze, Twitter, JD.com and Square. Kleiner Perkins offers entrepreneurs years of operating experience, puts them at the center of an influential network, and accelerates their companies from success to significance. For more information, visit http://www.kpcb.com and follow us @kpcb.
About Movida Japan
Movida Japan is an investment vehicle founded by Taizo Son, an Asian serial entrepreneur and investor. Through his multiple organizations he supports entrepreneurs worldwide who have lofty ambitions to solve the problems that humanity faces through innovation.
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