"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," he 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.
Development for the device began in June last year.
It can be used to keep tabs on children and pets, Calum said.
"Peace of mind shouldn't be a luxury, which is why Magpie will be accessible and affordable for all of those who get involved."
Co-founder Raul Oaida, a hardware engineer by trade, said 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.
The Magpie device is free and will remain free for users, Calum said.
"All anyone is paying for is just the GPS tracking service.
"Our view on that is that all great technology should be available to everyone and so how we are really looking at it is similar to a telco company, that the value is really in the subscriber database, it's really in the number of people - the sheer volume," he said.
"We're confident that people are going to find Magpie super helpful and at such an affordable price that they will continue to be on the subscription and over time that will pay dividends for us."
Last year Derek Handley launched venture capital network Aera VC aimed at investing in start-ups trying to tackle social problems.
