It doesn't look like it. I've use the 'Loc8tor' for keeping track of my cats and dogs. It provides directional (arrows) as well as distance (sound) information up to about 600'. The same company has other products that work from further distances, but not as precise.
For tracking devices, the genre falls into LBS, or Location-Based-Services. LBS devices generally have some type of transceiver (I've developed many; from GPS to WAN-cellular, to RFID and even ZigBee protocols), and then the big kicker: a significant battery for the transceiver. All this adds up to a relatively larger volume than what is depicted in this device shown, which I liken more to a collection of sensory collectors.
For industrial control applications, or even a simple assembly line, that machine can go almost 24/7 without a break. But what happens when the task is a little more complex? That’s where the “smart” machine would come in. The smart machine is one that has some simple (or complex in some cases) processing capability to be able to adapt to changing conditions. Such machines are suited for a host of applications, including automotive, aerospace, defense, medical, computers and electronics, telecommunications, consumer goods, and so on. This radio show will show what’s possible with smart machines, and what tradeoffs need to be made to implement such a solution.