Tile raises $25M to help people keep track of their things
Smart location and Internet of Things solutions company Tile Inc. announced today that it has raised $25 million in Series B funding. The funding round was led by Bessemer Venture Partners.
Founded in 2013, Tile launched its first products in 2014 with a goal to help people who keep losing their stuff to find it more easily. Tile’s devices, small whitish “tiles” that can be attached to or stowed in other items, make use of IoT network technology and Bluetooth Low Energy radios, which provide a 150-foot range.
A Tile user can locate missing keys, using a key fob, or lost wallets, luggage, cars, bicycles, etc. – anything that can have one attached can be tracked using the Tile app on Android or iPhone. With a press of a button, the Tile will emit a sound, making it easy to find (for keys that slipped between couch cushions or buried under laundry). Conversely, if someone loses a phone, the Tile app can be called upon to make the smartphone ring if a Tile’s button is activated.
As long as the Tile is within range of a cellphone or other Bluetooth device enabled with the app, the Tile’s location would be known to the network. Using this capability, Tile can also provide a lost-and-found service by tracking the “last known location” of any Tile.
“The new capital enables us to accelerate our growth by doubling-down on establishing our iconic brand,” said Mike Farley, chief executive and co-founder of Tile, “expanding our Platform strategy, and growing the Tile community, which already locates more than 2 million items every day across 230 countries and territories.”
In 2016, Tile introduced its firmware and hardware developer platform called The Platform, which enables third-party developers and hardware makers to integrate smart location into their products. Tile’s technology can be embedded in consumer mobile devices to provide a number of advantages including making expensive products easy to find if lost or stolen.
For businesses, customers who opt in to Tile’s network can allow the collection of location data connected to usage information of devices and objects. For example, a premium camera company could use data to determine favorite photography spots or an amusement park could use Tile-enabled badges to make sure visitors remained safe and track traffic patterns.
Bessemer Venture Partners led the round with participation from existing investors, including GGV Capital and Khosla Ventures, as well as new investor Lead Edge Capital. Tile has secured $59 million in total funding to date.
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