SmartTag Startup Jiobit Sees $3M Seed Round

Jiobit, a technology startup based out of Chicago, makes something that seems like every parent, from those expecting to empty nesters, will want or wish they’d had. The startup has developed a location-tracking smart tag and accompanying mobile app that sends alerts to parents when their child has gone outside a preset range.

Just recently, Jiobit closed a $3 million seed funding round with investors including Lior Ron, the cofounder of Otto (now owned by Uber); MATH Venture Partners; and Inflection Equity. To date, Jiobit has raised a total of $4.2 million in two rounds of funding.

While child tracking devices aren’t new on the market, Jiobit hopes to break out from the pack, especially since prior endeavors aren’t exactly known by consumers for working well indoors or being accurate. Jiobit hopes to change that with its flagship tracker by leveraging wireless technology and machine learning that adapts to a child’s daily behavior.

On the mobile app, parents or guardians can set up distance rules and maps and read summaries about their kids’ location. The transmitting device and mobile app are compliant with the Children’s Online Privacy Protection Act of 1998, according to Jiobit — and all of the data is encrypted in transmission.

Ron was quoted by TechCrunch as saying, “There’s so much opportunity to create smart everyday objects that help us live better or artificial intelligence that helps us to be smarter. The next wave of innovation, whether it’s in transportation, health or at home, will come from great teams at the intersection of both. Those are the handful of teams I invest in nowadays. I’m pretty selective because I’m heads down with Otto and Uber’s self-driving efforts.”

Jiobit reportedly plans to use the seed funding for additional hiring and to prepare their flagship product to roll out on the market — starting with an upcoming presale campaign with a specific date yet to be determined.