US-based item detection technology developer TrackR raised $50m in series B funding from investors including Amazon Alexa Fund and Docomo Capital, subsidiaries of e-commerce firm Amazon and telecommunications firm NTT, on Wednesday.
Investment firm Revolution Growth led the round, which also included Glenmede Trust, the owner of investment and wealth management services provider Glenmede, as well as venture capital firm Foundry Group and asset manager Bespoke Strategies.
TrackR has created a coin-size sensor it calls a ‘bravo’ which can be attached to items such as a phone, wallet or set of keys, allowing them to be located through its app. Users can also use a bravo to ring a lost phone, and can receive reminders not to forget a particular item.
The series B round increased TrackR’s total funding to more than $60m, Foundry Group and Resolute Ventures having participated in its $8.7m series A round in late 2015. Alexa Fund added an amount between $250,000 and $500,000 in May 2016.
TrackR’s technology is compatible with Amazon’s Alexa technology, allowing users to vocally ask the device to call a missing phone.
The company said in a blog post: “This new round of funding will help us continue to grow and improve the TrackR technology, app, products and works with TrackR partnerships. We look forward to an incredible rest of 2017, and the future of the TrackR company.”