Earlier quoted context omitted.
Meredith Perry is no fraud. She was in a Penn graduate program before this venture, and has worked at NASA. It's directional transmission technology. The power loss is minimized as the ultrasound is directed and focused at a particular location. There's no inverse square law here, and it's easily within the bound of known physics. As far as I know, (indirect relationship with the a good friend of the founder, that I…
I don't care how smart she is, she can't defy the laws of physics. Also, the reflection and harmonics are going to drive any animals and/or children & teenagers nuts.
EDIT: Unlikely. Children hear better in upper ranges, not lower. And animals are unlikely to be too perturbed. These types of noises are generated naturally all the time.
The challenge here is the engineering. How precisely can you build the tracking? How much leakage is there? Are there problems with harmonics? How do you build an app that can relatively reliably 3d position a device relative to a base station. And finally, how do you get that base station to be able to simultaneously or rapidly re-aim itself to target each of the devices. That's hard, but certainly exciting and very possible.