• Tile

  Led · Seed · Jul 2013

  Tile builds Bluetooth-powered lost-item finder beacons and a platformed finding network that uses its app and other access points to anonymously report item locations back to owners. Its devices can play sounds and, when out of Bluetooth range, rely on a broader network of app users and partner integrations across more than 40 third-party device brands. Tile says it has sold more than 40 million devices and disclosed over 425,000 paying customers for the first time; revenues increased by over 50% in the first half of 2021 (no hard numbers provided). The company plans a product refresh that is expected to include an ultra-wideband-powered Tile and additional products and features to better compete with Apple’s AirTag. Tile also reports 200% year-over-year growth in activations of devices with its service embedded and continues international expansion despite some pandemic-related slowdowns. It offers subscription plans (a $29.99/year base plan and a $99.99/year plan that adds up to $1,000 annual reimbursement) and intends to compete using its own app and proprietary services rather than routing customers to Apple’s Find My. Tile produces square-shaped Bluetooth tags and a tracking platform that helps users locate physical items such as keys, bags and other consumer electronics. The company has been expanding beyond standalone tags by integrating Tile functionality with semiconductor partners to embed its technology into wireless headsets and other connected devices as part of a broader smart‑home strategy. Tile reports partnerships with five semiconductor companies, including Qualcomm and Nordic, and announced a Google partnership and a prior strategic investment from Comcast tied to product development. Management aims to have Tile technology embedded in millions of devices by the end of the year and is pursuing aggressive growth under CEO CJ Prober, who joined last year to develop these initiatives. Tile declined to disclose a current valuation but said the latest round was an up round; PitchBook listed a valuation of about $166 million more than two years ago. Operating signals from the article include European business growth of 160% in the last quarter, a doubling of unit sales during Prime Day, and Premium‑tier sign‑ups exceeding projections, though the company did not disclose raw user or revenue figures. Tile builds small Bluetooth tracking devices and a location-finding platform powered by a global community of users. The company has sold over 15 million of its square devices and reports roughly 4 million active Tiles each month across 230 territories, with an estimated 95% share of the U.S. market per NPD. Tile currently has about 100 employees. Future plans include creating a stronger network of nodes that do not rely solely on active Tile users, embedding Tile technology into other Bluetooth-enabled products, and developing tracking services beyond the Tile fob. Tile has pursued partner integrations before (for example, with Bose) and is expanding that approach through a new product and marketing partnership with Comcast. Financially, Tile had disclosed $61 million in funding prior to the Comcast deal and previously raised $25 million in 2017 at an estimated $167 million post-money valuation. Tile provides smart location tags, a device network and a mobile app that together enable people to locate items; it also offers the Tile Platform for other companies to add smart location into their products. Its global community spans 230 countries and territories and helps users locate more than two million items every day. Tile expanded internationally in 2016, adding retail presence in Canada, Australia, New Zealand and across Europe, and released Tile Slim and Tile Mate that year. The company reached $100M in revenue in 2016 and has sold 10 million units to date. Leadership includes CEO and co-founder Mike Farley and recent hires such as CMO Simon Fleming-Wood and VPs Ravi Adusumilli and Vijay Shankar. Tile intends to use the new capital to accelerate growth by establishing its brand, expanding its strategy and growing its community. Tile makes square, waterproof Bluetooth Low Energy tags (with GPS coordinates) and a mobile app that lets users find attached items like keys, wallets and bags by making tags beep or showing their location. The app runs in the background and leverages other users' devices to detect lost items; Tiles have unique IDs and do not store or transmit personal data. The company reports users are tracking items in at least 200 countries, sold $43 million in inventory last year, and was on target to at least double revenue in 2016. Tile is based in San Mateo, Calif., and plans to use its Series B funds to hire, ramp up manufacturing, and create a software-based version of its location-awareness technology. Tile has begun partnerships such as integrating its app into newer Jaguar Land Rover vehicles' InControl systems. Investors and company leaders highlight battery life and privacy as product differentiators.

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