Tile Secures Additional $45 Million to Expand Item-Tracking Devices and Platform Capabilities

Tile, the company behind popular square-shaped tags and other technology to help people keep track of physical belongings like keys and bags, has made recent moves to link up with chipmakers. This expansion has enabled Tile to move into wireless headsets and other electronic devices as part of its wider smart home strategy. Now, Tile is announcing a round of funding worth $45 million to double down on these strategies and fulfill its plan to have its technology in millions of devices by the end of this year.

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Growth Equity Led by Francisco Partners

The growth equity is being led by Francisco Partners, with participation from previous investors GGV Capital and Bessemer Venture Partners and new backers Bryant Stibel and SVB Financial Group. CJ Prober, who joined as CEO last year in part to develop Tile’s newer areas of business, said in an interview that the funding will help the startup be more aggressive in doubling down on these new opportunities.

"We’re seeing great business momentum, with the first embedded partner products from our strategic initiatives coming out this year," he said. It now has partnerships with five semiconductor companies, including Qualcomm and most recently Nordic, which they integrate Tile functionality onto their hardware. "All this is now paying off with great momentum."

Prober would not comment on the company’s valuation with this round, except to say that it was definitely an up round. A spokesperson described the Series C as having been completed, with Francisco Partners leading the investment.

Investor Confidence in Tile

Tile pioneered the smart location category," said Andrew Kowal, partner with Francisco Partners, in a statement. "With Bluetooth technology projected to be included in nearly 30 billion devices shipping in the next five years, Tile is poised to deliver an embedded finding solution for a rapidly expanding market. We are extremely excited to be partnering with Tile as the company enters the next chapter of its growth story."

Expansion into Wireless Devices

Tile’s expansion into wireless devices marks a significant milestone for the company. With its technology integrated into these devices, users will be able to track their belongings more easily than ever before.

"The integration of our technology into wireless devices is a game-changer for us," said Prober. "We’re excited to see where this new partnership takes us and how we can continue to innovate in the smart home space."

Investor Support

Tile’s investors are also supporting its choice of using Bluetooth technology.

"Tile pioneered the smart location category," said Kowal. "With Bluetooth technology projected to be included in nearly 30 billion devices shipping in the next five years, Tile is poised to deliver an embedded finding solution for a rapidly expanding market."

The Future of Smart Home Technology

As the world becomes increasingly connected, the demand for smart home technology continues to grow. With its new funding round and expansion into wireless devices, Tile is well-positioned to meet this growing demand.

"We’re excited to see where this new partnership takes us and how we can continue to innovate in the smart home space," said Prober.

About the Author

Ingrid Lunden is a writer and editor for TechCrunch, joining in February 2012. She covers mobile, digital media, advertising, and the spaces where these intersect. When it comes to work, she feels most comfortable speaking in English but can also speak Russian, Spanish, and French (in descending order of competence).