Jiobit (Jio) has raised $6.5 million in venture funding through SAFE notes and convertible debt.
The company develops next generation wearable devices and a smartphone application intended to track and locate children at any distance in real time. The tracking system uses machine learning, cellular networks, GPS, Wi-Fi and Bluetooth to provide real time notifications. Jiobit is waterproof, durable, and discreet, and users include government customers, law enforcement professionals, pet owners and families.
The November 13 round, led by Sandalphon Capital and Netgear, also included participants Math Venture Partners, Wakestream Ventures, Techstars and Lior Ron. The company has now raised multiple rounds of capital and is expanding.
Jiobit, founded in 2015 by John Renaldi and Roger Ady, is headquartered in Chicago. The company hopes to use this money to continue to grow sales and marketing, R&D efforts, as well as expand their IP portfolio.
“Only one year after our first shipment, this investment from our strategic partners provides Jiobit the opportunity to expand our product line into several new consumer markets including pet care and families with children who have special needs, bringing peace of mind to millions,” John Renaldi, Jiobit Founder and CEO said in a press release. “Both Jiobit and our recent investors are at the forefront of increasing connected technology for families, and we are excited to see what we can make possible through our latest funding.”
The company was named one of the winners of the 17th annual Chicago Innovation Awards. Out of 519 nominees, Jiobit was selected as one of the winners of this year’s Up-and-Comer Award, being recognized as a rising star in Chicago.
Visit www.jiobit.com to learn more about this company.