Jiobit, a Chicago, IL-based creator of a small location tracking solution, raised an additional $3m in funding.
Investors included Lior Ron, MATH Venture Partners, Sandalphon Capital, Bridge Investments, Harvard Business School Angels, Wakestream Ventures, Graphene Ventures, Projector Ventures, Inflection Equity, and Nameless Ventures.
The company intends to use the funds for the production and marketing of their first product, a smart tag for kids called Jiobit.
Led by John Renaldi, Jiobit has created Jiobit, a smart tag for kids targeted for pre-sale later this year. The tag leverages proprietary technology called Progressive Beaconing, which uses multiple sensors and radios to traverse frequencies improving coverage and power consumption, algorithms, which intelligently determine a child’s behavior, context and location to figure out routines and routes without setup, and ensure data safety.