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This morning, announced it has raised $45 million in a Series C led by , a San Francisco-based technology-focused private equity fund.

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Existing investors and also participated in the round, as well as new backers and .

Tile is perhaps best known for its small dongle, which users can attach to their goods which help them later locate the item. (This is especially cool if you鈥檙e one of those people who are always losing your keys). The company also provides an application that allows users to see where their items are.

The company鈥檚 product lineup is changing over time. Tile noted in its release that it is working with partners (headphone shops, and chip companies) to embed its tech into their goods. Such partnerships could grant Tile a far larger install base, and thus a larger potential userbase; revenue, a lagging indicator, follows usage in most cases. So, the partnerships are bullish.

Its new investors seem to think so. , a partner with Francisco Partners, believes Tile鈥檚 ability to provide 鈥渁n embedded finding solution鈥� made it a particularly attractive investment.

Tile was founded in 2012, according to Crunchbase records, and is based in the Bay Area.

The company during its life as a private company. The company raised its Series A in late 2014, led. Tile鈥檚 Series B, led by , was put together in two parts. The landed in 2016, and the of $25 million came in 2017.

In 2016, when Tile expanded its Series B, the company announced two key milestones. As , the firm reached 鈥�$100 million in revenue in 2016, and 10 million total units sold.鈥� Given the age of that datapoint, and the new funding that Tile was able to raise, we can presume the firm has grown since. (You can check out , which is always a good thing to do.)

In a press release, Tile said it plans to use the new capital 鈥渢o grow more aggressively internationally, expand into new product categories, and enhance its Premium service.鈥� So far this year, the company said it saw improved results in Europe. We’ve reached out to find out more details about the raise and we’ll update this post once we get them.

The company to be worth around $165 million, after raising its $25 million Series B tranche.

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