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It uses Bluetooth LE, which has an effective range of 50-150 feet, depending on the conditions where you use it. If you count on 50 feet of reliabe range you probably won't be disappointed.
Once they get production up to meet demand, I may have to try Tile tags out. I have a large collection of car, house and motorcycle keys because someone at my house is always misplacing theirs, then I get a dulicate made, THEN they find them. It would have been cheaper fo get a few Tiles and stick them on everyone's key ring.