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Dropcam secures USD30m in series C funding led by Institutional Venture Partners

Dropcam, makers of Dropcam HD – a Wi-Fi video monitoring camera with cloud recording service – has raised USD30m in series C funding led by Institutional Venture Partners (IVP).

 
Existing investors Accel Partners and Menlo Ventures and new investor Kleiner Perkins Caufield & Byers also participated in the round. This funding brings the total amount raised to USD47.8m.
 
The investment will be used to grow the engineering team, broaden the company’s product line and expand into new sales channels.
 
"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," says Greg Duffy, chief executive and co-founder of Dropcam. "We also plan to triple our team and expand our channel partnerships later this year."
 
"Dropcam’s cloud service is truly innovative," says Eric Liaw, principal at IVP. "Dropcam clearly develops elegant hardware, but we invested because in an era where people are constantly on the move, Dropcam’s cloud-based, mobile software and services enable its customers to remotely monitor one of the important things in their lives – their homes. We are excited to join an exceptional group of investors in supporting the company in its next phase of growth."
 
"Dropcam is a fantastic example of a new generation of connected device companies that leverage the power of the cloud and the ubiquity of smartphones," says Trae Vassallo, general partner at Kleiner Perkins KPCB. "They are on a mission to bring our physical world seamlessly into our digital lives and transform technology in the home – a mission I am incredibly passionate about as an investor, engineer and mom."

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