Dropcam, a San Francisco based startup making cloud based wi-fi video cameras, recently raised $30 million in Series C. The investment is led by Institutional Venture Partners (IVP), along with new investor Kleiner Perkins Caufield & Byers and existing backers Accel Partners and Menlo Ventures.
The investment will be utilized in the growth of engineering team, broaden the company’s product line and expand into new sales channels. Also, the company is planning to triple their team and expand their channel partnerships later this year.
“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.
As per the reports, the company also plans to made investments into computer vision technology in order to deal with the anticipated competition in the market in future.
“One of the things that we decided to invest a lot in, which has been a big project for us, is the computer vision side of things. Since we take in more video than YouTube, we decided it would be a good way to figure out how to use that data to get better video analysis for users”, said CEO and Co-founder, Greg Duffy.
Dropcam is an easy-to-use Hi-definition Wi-Fi video camera with cloud-based recording & alerts, which helps in monitoring a place for user even from the remote areas. It provides features such as awareness to turn on and off based on location, two way audio that connects directly via built in microphone & speakers and Night Vision facility. The mobile app of the camera for iPhone , iPad and Android devices is being widely used to access its two way feature of interacting with the people at home or office, at the same time keeping an eye on them.
The device, currently available for $149, automatically encrypts live video and streams it securely. It also provides an optional Cloud Video Recording (CVR) service that can store footage in the cloud to access and make clips of the past 7 or 30 days for $99 and $299 a year respectively.
The venture found its way in 2009, with the initiatives taken by tech entrepreneur duo Aamir Virani and Greg Duffy. Initially backed by tech pioneer Mitch Kapor, the startup raised series A of $ 5.8 million in 2011 by Accel Partners and next round of series B in 2012, raising $12 million from Menlo Ventures. The other investors in the firm include David Cowan, Aydin Senkut and Ben Narasin.