Tile, which makes a $20 bluetooth-powered device that can track keys, luggage and other items, disclosed it has raised $13 million in total venture funding. This includes a $9.5 million Series A round led by GGV Capital and a $3.5 million seed-stage round led by the large Chinese company Tencent. Tile disclosed the funding details as part of its announcement that it would expand its technology to work on Android phones. With the recent Series A round, Jeff Richards, managing partner of GGV, has joined the board. Other investors in the San Mateo, California-based company include Tandem Capital, Nick Woodman (founder and CEO of Go Pro), Rothenberg Ventures, Jerry Yang’s AME Cloud Ventures, Dave Morin (CEO and founder of Path, via his Slow Ventures), Charles Huang (co-creator of Guitar Hero), Chris Hulls (founder and CEO of Life360), Bob Lee (former CTO of Square), and Mike and Kass Lazerow (husband-and-wife team behind BuddyMedia), among others.
Tile Secures $13 Million in Financing to Expand the World’s Largest Lost and Found to Android
One of the most successful crowdfunded devices sets its eyes on expansion to Android
San Mateo, Calif. – (October 1, 2014) – Today the makers of Tile, the tiny wearable for the things you never want to lose, announced the company has closed $13 million in funding. This includes a $9.5 million Series A round led by GGV Capital and a $3.5 million seed round led by Tencent. This round of funding will accelerate development of Tile’s Android app and build on its vision of creating the world’s largest lost and found by scaling production to meet global demand.
Tile’s mission is to enable everything to communicate and connect, with its first product focused on solving one of the most common and frustrating problems: losing things. Tile is a small and simple device that connects objects to an app on iOS devices. Consumers love Tile’s simplicity, sleek design, and everyday utility. But Tile goes beyond connecting your keys to your phone. It has created the world’s largest lost and found – with a network of smartphones, that will soon include Android, acting as a “search party” for lost items.
To expedite Tile’s ability to expand its products and services to its community, Tile raised $9.5 million in new capital and is working with key partners to support continued international expansion. GGV Capital led the round, appointing managing partner, Jeff Richards, to Tile’s board of directors.
“The Internet of Things market is about to go mainstream and Tile is poised to be a dominant player because of its incredibly innovative product platform which provides simple, elegant, ‘every day’ functionality to any consumer with a mobile device,” said Richards. “With the rapid growth of the Tile community, the company is creating an incredibly powerful network effect. We’re thrilled to help finance Tile’s expansion and scale on a global basis.”
Tile is committed to making this network even more pervasive worldwide. There are already more than 300,000 Tiles in over 30 countries around the world. Today Tile is announcing that it is developing an Android version of its app for the Samsung Galaxy S5, with support for more Android phones to follow. Android is a critical platform for international markets, and Tile is starting with the S5 because it is the most widely used Android phone worldwide with the necessary the Bluetooth 4.0 support that will provide the optimal Tile experience.
“We owe our success to our initial backers — they got us to where we are today, and we are thrilled to have GGV Capital and other strategic investors on board to help us elevate Tile to the next level,” said Tile co-founder and CEO Nick Evans. “We continue to put Tiles in the hands of thousands of new Tilers every month, and we are excited to be spearheading the intersection of connected devices and the sharing economy as we create the world’s largest lost and found.”
Beyond GGV Capital, other investors include Tencent, Tandem Capital, Nick Woodman (Go Pro), Rothenberg Ventures, Jerry Yang’s AME Cloud Ventures (Yahoo), Dave Morin’s Slow Ventures (Path), Charles Huang (Guitar Hero), Chris Hulls (Life360), Bob Lee (Square), and Mike and Kass Lazerow (BuddyMedia) among others.
Tile began shipping to backers in May 2014, and is currently on backorder. Customers can still guarantee delivery of their Tiles for the 2014 holiday season for $20 at www.thetileapp.com.
Tile is a wearable for anything you never want to lose, and is creating the world’s largest lost and found. Tiles are simple, sleek, and can be placed on valuable things like keys, wallets, purses, computers, and luggage to give users peace of mind knowing their items can always be found. It’s fun, fast and easy to find your Tiled items by seeing its last known location, or playing Tile’s distinctive melody. Members of the Tile community passively help one another by creating local search parties that effortlessly help find the stuff that somehow got away. Tile is based in San Mateo, CA and is on a mission to give everything in the world the ability to communicate and connect.