Smart doorbell manufacturer Ring of Santa Monica has raised a $61.2 Million Series C round from Kleiner Perkins Caufield & Byers and Richard Branson.
The investment funds will be used for international expansion into Europe, Australia, New Zealand, South America and South Africa, as well as additional research and development efforts.
Ring’s doorbell video camera, speakers and microphone can be accessed using a mobile app. The so-called smart doorbell also has motion-detection sensors that prompt the video camera to automatically record nearby activity. Customers are also alerted to the activity via the app. Ring doorbells cost $200 or $250.
Chief Executive Jamie Siminoff declined to explicitly disclose Ring’s valuation in this latest round, but he said the reported valuation of about $200 million was close. Ring is planning an initial public offering of its shares by the end of 2017, he added.
“The money that we are raising today is for the things we will do in 2017, 2018 and 2019,” he said. “It allows us to get some R&D stuff going, (and) deeper algorithms around video processing.”
New computer vision technology could allow users to search video footage using text keywords. For example, a customer could type in “red car” to look for clips where a red car is present, said Siminoff.
Ring now has about 300 employees and runs its operations almost entirely off its own revenue, said Siminoff. The company has raised $100 million since it was founded in 2011.