Jiobit raises $3 million to make a new kid-tracking wearable

Jiobit, the Chicago-based maker of a small wearable device that helps parents keep track of their children, has raised $3 million, the company announced Thursday.

Its first product, which the company describes as a "smart tag for kids", will be available for pre-order later this year and will start shippping this fall, said CEO and co-founder John Renaldi. The funding will go toward production and monitoring of the wearable device, the company said.