Tile, a San Mateo, CA-based smart location company, raised $18m in Series B funding round.
The round was led by Bessemer Venture Partners with participation from existing investors GGV Capital, Khosla Ventures, Tandem and Tencent. In conjunction with the funding, Bessemer partner Byron Deeter is joining Tile’s board of directors.
The company intends to use the funds to accelerate growth of its smart location network through broader distribution and a new technology platform.
Led by Mike Farley, Co-Founder and Chief Executive Officer, Tile provides devices, network and mobile app that work together to reduce loss and increase productivity. To date, the company 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. Specific growth plans include introducing Tile devices in new shapes and sizes and expanding the company’s retail presence, as well as opening up its platform to allow other companies to embed Tile’s smart location technology into their own products.