TrackR, a Santa Barbara, California-based automated inventory management system, secured $8.7m in venture capital funding.
The round was led by Foundry Group with participation from Resolute Ventures and other angel investors.
The company intends to use the funds to continue to scale production and expand customer support teams.
Founded in 2009 by Chris Herbert and Christian Smith, TrackR provides app software, cloud databases, and wireless devices that allow users to track and manage where items are acting as an automated inventory management system for everything they own.
The company, which has a team of 15, recently raised $1,676,369 on Indiegogo to launch TrackR bravo, a thin tracking device offering a solution to keep track of and locate consumers’ items out of Bluetooth range by using the TrackR Crowd GPS network made of thousands of active users all helping each other locate valuables by pinging the location of lost items to the network and then back to the original user’s phone.
Beyond bravo, the company offers sticker ($24.95) and Wallet ($29.95), which are available online at TheTrackR.com and Target retail stores.