HomeSafety News Dropcam Raises $30 Million to Become a Provider of Home Security
Dropcam announced today that it received a $30 million series C fundraising from Institutional Venture Partners (IVP) and their current investors. Dropcam is a Cloud-based, high-definition camera that records what’s happening in your home or office when you’re away.
According to an article from “The Verge,” Founder Greg Duffy started Dropcam so he could find out which neighbor was letting their dog poop on his dad’s lawn. Duffy and his father couldn’t find a security camera that worked the way they wanted it to so Duffy and his friend, Aamir Virani, came up with a solution.
“We were buying cameras off the shelf, reverse engineering them and flashing them with our own firmware,” Duffy said in an interview with “The Verge.”
With the total amount of funding now adding up to $47.8 million, we can expect some big things from Dropcam. According to a press release from Dropcam, the investment will be used to grow the team and expand the product line.
“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,” Duffy said. “We also plan to triple our team and expand our channel partnerships later this year.”
Written by Elli Bishop
Elli is a safety and security expert for the Safewise team. In her free time, she enjoys playing tennis, practicing yoga, and spending time with friends and family. Learn more