L.A. seed funding up from Q1 2017; Amazon drops price of Ring Doorbell; Former Sony CEO Andrew House joins KEYPR’s advisory board.
More than 20 L.A. startups raised $52.9 million in seed funding in the first quarter, Amplify reports. This represented a 21 percent decline from the previous quarter, but a 2.5 percent increase from the same quarter last year. Deal volume was down slightly year-over-year, but average round size remained strong at $2.3 million, exceeding the national figure of $2.0 million. L.A., in particular, did well with $1.87 billion in funding reported across 101 deals.
Amazon.com Inc. didn’t waste any time dropping the price of Ring Inc.’s video doorbell to $99.99 from the prior retail price of $149.99, the Business Journal reports. The announcement came on April 12 at the same time Amazon and Ring officially closed the $1 billion acquisition. The press release said the doorbell reduces burglaries in neighborhoods by as much as 55 percent, according to an LAPD pilot program.
The former CEO of Sony Interactive Entertainment, Andrew House, has joined the advisory board of hospitality tech company KEYPR, according to a press release.
During House's career at Sony, he helped make PlayStation a household name through global leadership and marketing tactics. KEYPR’s cloud-based platform integrates an end-to-end experience for guests and staff through embedded and mobile devices.
Technology reporter Eli Horowitz can be reached at email@example.com. Follow him on Twitter @coachhorowitz13 for the latest in L.A. tech news.