A new venture founded by entrepreneurs and brothers Derek and Calum Handley has raised more than $100,000 - that's 10 times its original goal.

The pair last month launched a new tech business which aims to ensure you never lose your keys, phone or anything important.

The startup, Magpie, is developing a GPS mobile tracking subscription service and device.

On crowdfunding platform Kickstarter, the venture has raised more than $105,042 from 2,285 backers - almost $100,000 more than its original $10,000 goal.

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The funding drive still has 21 days to go.

Co-founder Calum, younger brother of New York-based Derek, said last month that the service was created to minimise a common anxiety.

"We can all relate to the horrible feeling we get when we think we've lost something. Magpie replaces those unnecessary stresses in your life with an innate sense of calm," Handley said.

Designed by Japanese designer Keiji Takeuchi with practicality and aesthetics in mind, the device has unlimited range, is waterproof, rechargeable, and functions in conjunction with its app. It is lightweight and can be clipped, stuck or hooked on to things to be tracked.

It can be used to keep tabs on children and pets, Handley said.

Development for the device began in June last year.

Co-founder Raul Oaida, a hardware engineer by trade, said at the launch of the project that he believed the device would revolutionise the location tracking industry.

"Other bluetooth devices are limited to their short-range tracking capabilities. With Magpie, its unlimited range means it's there whenever you need it, connecting you to the people and pets you love and the everyday items you need," he said.