Dropcam Secures $30 Million in Series C Funding Led by Institutional Venture Partners
New strategic investment will be used to expand engineering, product line and channels
SAN FRANCISCO, July 31, 2013 /PRNewswire/ -- Dropcam, Inc., makers of Dropcam HD – the award-winning Wi-Fi video monitoring camera with cloud recording service – today announced it raised $30 million in Series C funding led by Institutional Venture Partners (IVP) with existing investors Accel Partners and Menlo Ventures, and new investor Kleiner Perkins Caufield & Byers participating in the round. This funding brings the total amount raised to $47.8 million and poises the company for continued growth.
The investment will be used to grow the engineering team, broaden the company's product line and expand into new sales channels. "With this new round of investment, we're going to push the envelope on what consumers expect from connected devices and the software around them," said Greg Duffy, CEO and co-founder of Dropcam. "We also plan to triple our team and expand our channel partnerships later this year."
"Dropcam's cloud service is truly innovative," said Eric Liaw, principal at IVP. "Dropcam clearly develops elegant hardware, but we invested because in an era where people are constantly on the move, Dropcam's cloud-based, mobile software and services enable its customers to remotely monitor one of the important things in their lives – their homes. We are excited to join an exceptional group of investors in supporting the company in its next phase of growth."
"Dropcam is a fantastic example of a new generation of connected device companies that leverage the power of the cloud and the ubiquity of smartphones," said Trae Vassallo, general partner, at Kleiner Perkins KPCB. "They are on a mission to bring our physical world seamlessly into our digital lives and transform technology in the home – a mission I am incredibly passionate about as an investor, engineer and mom."
The company has been experiencing strong growth since its first camera shipped in late 2009 with shipments at least quintupling every year. The company is aggressively growing to keep pace with customer demand and doubled its workforce since the beginning of this year.
Dropcam HD is the only Wi-Fi video monitoring camera that offers truly simple and fast setup with intelligent monitoring features. With email and smartphone alerts you always know when events happen and can check in on the things you care about from anywhere in the world 24/7. The company utilizes bank-level security to encrypt all video so customers can rest assured that no one but them can ever access their video. Dropcam HD includes full 720p streaming, night vision, two-way talk back, and digital zoom, and with the optional cloud recording customers can access stored footage of the past seven or thirty days. Dropcam HD is available on Amazon and dropcam.com for $149.
About Dropcam, Inc.
Dropcam is revolutionizing the way people stay connected to the places they care about. With a Dropcam Wi-Fi video monitoring camera and optional cloud recording service you can remotely drop in on your house, baby, pets, business, or anything else from a smartphone, tablet, or computer. San Francisco-based Dropcam was founded in 2009 by Greg Duffy and Aamir Virani. To learn more, visit www.dropcam.com.
About Institutional Venture Partners (IVP)
With $4 billion of committed capital, Institutional Venture Partners (IVP) is one of the premier later-stage venture capital and growth equity firms in the United States. Founded in 1980, IVP has invested in over 300 companies, 95 of which have gone public. IVP is one of the top-performing firms in the industry and has a 32-year IRR of 43.2%. IVP specializes in venture growth investments, industry rollups, founder liquidity transactions, and select public market investments. Since its inception, IVP investments include such notable companies as ArcSight (HPQ), Buddy Media (CRM), ComScore (SCOR), Concur Technologies (CNQR), Dropbox, Fleetmatics (FLTX), HomeAway (AWAY), Juniper Networks (JNPR), Kayak (KYAK), LegalZoom, LifeLock (LOCK), Marketo (MKTO), MySQL (ORCL), Netflix (NFLX), Polycom (PLCM), RetailMeNot (SALE), Seagate (STX), Shazam, Synchronoss (SNCR), Tivo (TIVO), Twitter, and Zynga (ZNGA). For more information, visit http://ivp.com or follow IVP on Twitter: @ivp.
About Kleiner Perkins Caufield & Byers (KPCB)
Kleiner Perkins Caufield & Byers (KPCB) has backed entrepreneurs in more than 700 ventures leading to nearly 200 IPOs, over 375,000 jobs and a deep strategic network. The firm has helped build pioneering companies like Align, Amazon, Electronic Arts, Genentech, Genomic Health, Google, Intuit, Juniper Networks, Netscape, Symantec, VeriSign and WebMD. KPCB partners serve on the boards of Amazon, Apple, Bloom Energy, Flipboard, Foundation Medicine, Google, Hewlett-Packard, Nest, Square, Tesaro and Zynga, among others. KPCB accelerates the success of entrepreneurs with a team of partners delivering company-building services including strategy, operational scaling, recruiting, business development, product delivery and marketing communications. The firm invests in all stages from seed and incubation to growth companies. KPCB operates from offices in Menlo Park, San Francisco, Shanghai and Beijing.
SOURCE Dropcam, Inc.
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