SAN MATEO, CA — Tile, which helps people locate things, announced an oversubscribed Series B funding round totaling $18 million. The investment will fuel Tile’s growth — expanding the reach of its smart location network through broader distribution and a new technology platform. Bessemer Venture Partners led the round with participation from existing investors GGV Capital, Khosla Ventures, Tandem and Tencent. Bessemer partner Byron Deeter is joining Tile’s board of directors.
Tile’s devices, network and mobile app work together to reduce loss and increase productivity. Tile has sold more than five million of its devices to date. Last year, the company brought in $43 million in revenue, and it is on track to double that figure in 2016.
“Tile’s addressable market is growing rapidly. By 2020, there will be 34 billion connected devices in the world, up from 10 billion last year, according to BI Intelligence,” said Mike Farley, Co-Founder and Chief Executive Officer at Tile. “We aim to give all of those connected devices — as well as the billions of analog items in the world — the power of smart location. This new capital will enable us to make aggressive steps toward accomplishing that goal.”
Specific plans include introducing Tile devices in new shapes and sizes and expanding Tile’s retail footprint. Additionally, the company is opening up its platform to allow other companies to embed Tile’s smart location technology into their own products.
“We were impressed by how much Tile has accomplished in a short amount of time with very little initial capital,” said Byron Deeter, Partner at Bessemer Venture Partners. “Mike Farley’s ambitious goals for Tile are rooted in providing a simple solution to a universal need. Smart location is an enormous opportunity and has the potential to become the most valuable application for connected devices. With powerful network effects, a foothold in retail and a platform that solves the problem of location for other companies, we are confident Tile will win this emerging category.”