Dropcam Raises $30 Million
Gregg Duffy came up with the idea to launch a home WiFi video camera product when his father was trying to figure out whose dog was unloading on his lawn. Duffy’s dad asked him for help so he got a camera and loaded it up with his own firmware. Dropcam is now a best selling product on Amazon.com. Dropcam has raised $30 million led by Institutional Venture Partners. Existing investors Accel Partners and Menlo Ventures participated in this round along with new investor Kleiner Perkins Caufield & Byers. The company has raised a total of $47.8 million thus far. Dropcam will be using the funding to market their video monitoring cameras and increase retail distribution.
Dropcam’s HD video cameras lets people connect to a WiFi connection and start monitoring their homes through a smartphone app that is available on Google Android and Apple iOS. Control of the camera can be done by multiple people. The cameras supports night vision, two-way talk back, and digital zooming. The camera can also send e-mails or smartphone alerts. There is optional paid cloud storage of video available for up to 30 days.
“It’s a platform to help us keep track of everything going on at home. We hear stories all the time from people who actually catch burglars,” stated Dropcam chief executive officer Gregg Duffy as quoted by USA Today.
Duffy’s father was able to learn whose dog nailed his lawn with the help of Dropcam.