Dropcam Closes $12M in Series B Funding Led by Menlo Ventures

Launches Native Android App, Continues to See Swell in Demand for Connected Home Device

SAN FRANCISCO--()--Dropcam, Inc., makers of the easy-to-use Dropcam HD Wi-Fi Video Monitoring Camera, today announced it raised $12 million in Series B funding. This round was led by Menlo Ventures with participation from existing investors including Accel Partners and Bay Partners. This funding brings Dropcam’s total raised to $17.8M and comes on the heels of a surge in customer demand.

Dropcam will use this funding to grow its software engineering team in San Francisco as well as expand manufacturing operations globally. With the recent hiring of Doug Chan, VP Operations, Dropcam has been able to skillfully increase its production abroad to meet increasing demand at home.

“We appreciate Dropcam’s position in the industry and are confident in what this company can do for the connected home. Dropcam is in a unique position to lead the way in this space because of their unparalleled commitment to quality software layered on top of impressive hardware. This is a tough balance for young companies and Dropcam is doing a commendable job at this,” said Mark Siegel, a Managing Director of Menlo Ventures.

“We are focused on growing – with Dropcam HD cameras selling like hot cakes it’s important that we continue to evolve our team, business and products to best serve our users. This influx of capital will be instrumental in recruiting the right talent to help us do that,” said Greg Duffy, CEO and Co-Founder of Dropcam.

In January 2012 at CES, Dropcam unveiled its award-winning Dropcam HD Wi-Fi Video Monitoring Camera. The Dropcam HD provides the easiest way to keep an eye on your home, kids, pets and everything else that matters directly from your computer, tablet or smartphone. The accompanying cloud-based Dropcam DVR tools record, monitor, and alert you of movements and sounds picked up by the Dropcam HD camera so you never miss an important moment when you’re away.

Keeping Up with Demand

When announced in January, the pre-sale queue for the new Dropcam HD quickly filled, and once the product became available, it sold out within three weeks. Dropcam HD again sold out in just a few days once it was back on the market in early April. As of today, Dropcam HD cameras are back in stock and orders are shipping to customers within 7-10 business days.

Software, Mobile Continue to Improve

Dropcam’s friendly, approachable user experience comes to life within its online tools and mobile apps, which are regularly assessed and improved based on customer feedback. Today, Dropcam released a brand new native Android app that allows more Android users to access the app on their phones or tablets. Dropcam also updated its intelligent software, laying the groundwork for more advanced motion detection and email and push alerts from the Dropcam HD camera. False alerts should occur less frequently, while alerts generated by people or objects that are actually moving will be more consistent.

The Dropcam native Android app, now live in the Google Play Store, provides Android smartphone and tablet users with two-way audio, free motion and audio alerts and a smoother user experience. The app was completely built in-house with the goal of giving users a parallel experience across all Android operating systems and one to better match its iOS app.

Previous versions of Dropcam’s Android app built using Adobe Air were limited to Android smartphones with specific processors running the newest OS. By developing a native Android app, Dropcam now opens up its mobile viewing to more Android users – owners of older versions of Android smartphones or ones with the latest phone.

“It’s part of the Dropcam DNA to listen to user feedback and incorporate it into our products. Our native Android app is the latest example - we want to give our users the best experience possible across all platforms that we support, even if this means we have to take the time to build another app on a different platform,” said Duffy.

About Dropcam

Dropcam, Inc. is an agent of change at the intersection of video, data, and the cloud. Its award-winning Wi-Fi video monitoring camera and intelligent software services capture life’s moments, making it easy for users to check in on the things they care about from anywhere, anytime, on any device. Founded in 2009, San Francisco-based Dropcam is funded by Accel Partners, Menlo Ventures, and top angel investors. To learn more, please visit www.dropcam.com, watch our demo videos on YouTube, like us on Facebook and follow us on Twitter @dropcam.

About Menlo Ventures

Menlo Ventures provides capital for seed through growth technology companies in the consumer and enterprise sectors. For decades, the firm’s market-driven research analysis has led to the identification of and successful exits in innovative technology markets. Notable research-areas of investment include Mobile (Siri, MobiTV, TeleNav), Enterprise storage (3Par), Communications (Acme Packet, Cavium Networks), and Consumer (Carbonite, Roku). Founded in 1976, Menlo’s portfolio includes 70 public companies and more than 100 mergers and acquisitions. Throughout the firm’s history, Menlo’s deep network of portfolio entrepreneurs, angels and advisors are a key resource made available to all of the firm’s investments. Menlo Ventures has $4B under management and is currently investing Menlo Ventures XI, a $400M fund with $20M allocated to our Menlo Talent Fund for fast seed funding. For more information, visit www.menlovc.com.

Contacts

Dropcam, Inc.
Stephna May, 415-367-4102
stephna {at} dropcam {dot} com

Release Summary

Dropcam Closes $12M in Series B Funding Led by Menlo Ventures Launches Native Android App, Continues to See Swell in Demand for Connected Home Device

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Contacts

Dropcam, Inc.
Stephna May, 415-367-4102
stephna {at} dropcam {dot} com