Jiobit, a Chicago startup that launched to help parents keep track of their kids using a small, wireless device, is launching a new and improved tracker designed with extra safety capabilities as it targets elderly users.
The original Jiobit device, which hit the market in 2015, was a wearable, cracker-sized device that could track someone down to an exact room in a house. Founder and CEO John Renaldi, a former Motorola techie, created the device after briefly losing track of his own child in Maggie Daley Park.
Since launching, Jiobit has expanded its target customers, releasing a version for tracking pets and selling its technology to enterprise organizations, like the U.S. Air Force and Department of Defense, and more recently, advertising its product to aging populations.
Fast forward to today, and Jiobit is launching the second generation of its device—the Jiobit Next. The device looks about the same on the outside, but is vastly more powerful on the inside. Most notably, Jiobit Next provides users coverage in more geographies, especially in rural areas and “dead” zones.
“What we learned from Gen 1 was all the influence for Gen 2,” Renaldi said. “A lot of it was around the ways in which we use wireless networks.”
Jiobit’s patented progressive beacon technology uses a combination of GPS, cellular networks, Wi-Fi and Bluetooth to keep trackers connected, which means there are no distance limits.
“Using this new low-power, wide-area network gets us amazing coverage even in all of those rural areas,” Renaldi said. “And by using the new wireless technology that’s imbedded within this, we can also penetrate buildings much better.”
Besides improved tracking coverage, the Jiobit platform works faster, giving users tracking notifications in as little as one minute as opposed to the 3-4 minutes in the first device. Jiobit Next's battery also lasts up to three days longer than the original version. The device, manufactured in Malaysia, is lightweight and can be attached to clothing or other apparel.
Jiobit Next is available for pre-order now, retailing for $129.99 and subscription plans starting at $8.99/month. The original Jiobit is now on sale for $100, but will eventually be phased out of Jiobit’s product lineup, Renaldi said.
Before unveiling the new model, Jiobit had already been rolling out some new features to existing users through software updates, such as a new alert system. The system allows users to press a panic button on the device, and alert friends and family that they are in distress.
In future software updates, Renaldi said users will be able to use Jiobit to also contact emergency agencies, such as safety or medical dispatchers. The feature will forward personal information of the user to emergency agencies along with their photo and exact location.
The safety features are being targeted towards elderly users, who may live alone or with health conditions, and want an easy way to notify someone that they need help. Through the Covid-19 pandemic, Renaldi said elder usership has been a growing portion of the company’s business. This segment has helped offset other losses causes by the pandemic as stay-at-home orders meant people didn’t need to track each other as often.
“When Covid hit in March, we saw our sales drop by about 80% in two weeks,” Renaldi said. “We were quite distressed at that point in time but by June, our new product sales were equal to what they were in February [2020].”
With business stabilizing, Jiobit is looking towards its future growth. Renaldi said Jiobit has been approached by several companies about potential acquisition deals, but added that he isn’t sure that’s the route he wants to take the business and its 27 employees.
So far, Jiobit has raised more than $12 million to date, including a $6.5 million round in 2018, and Renaldi said he wants to fundraise more this summer. Current investors in Jiobit include MATH Venture Partners, NETGEAR and Inflection Equity.
“We now have that confidence that we have a business that could IPO, given our focus on a wider customer base and the success we’re having with that wider customer base,” Renaldi said. “Time will tell which path is best for the employees and the business.”
