Google’s home automation company, Nest Labs is going to acquire home monitoring startup Dropcam for USD 555 million. The deal was signed on Friday, and both the companies announced the same in their blogpost. The speculation was going on since the last one month, but has been confirmed now.
— Nest (@nest) June 21, 2014
Dropcam is the maker of cloud based WiFi-enabled video cameras, that can be used for free live streaming, two-way talk and remote viewing. Besides being used for security purposes, the device comes handy to remotely monitor one’s children and pets as well.
The company is backed by Accel Partners, Menlo Ventures, Mitch Kapor, David Cowan, Aydin Senkut, Ben Narasin, Institutional Venture Partners and Kleiner Perkins Caufield Byers. And till date, the company has secured a total funding of USD 47.80 million.
Google had acquired US based Nest labs, the maker of smart thermostats and smoke alarms for an amount of USD 3.2 billion, in January this year. Now through this acquisition the tech company is further entering the homes of the people. It has certainly come a long long way from being just a search engine, and might give some food for thought to the conspiracy theorists
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