Ring, Formerly Called DoorBot, Set To Have Another Innovation As Investors Provide $109M FundingBy Donna Mills, UniversityHerald Reporter
Jamie Siminoff's Ring video doorbell, formerly called DoorBot, received additional funding from big investors. The convenient home-security device is connected to a home owner's smartphone, allowing him/her to monitor every corner of the house and the people -- and potential burglars -- dropping by.
Ring received an additional funding of $109 million dollars fromDFJ, Goldman Sachs, Qualcomm and Virgin Group founder Richard Branson, Techaeris reported. The extra money will presumably go to Ring's advancement and make the device slimmer and better. The company currently offers the new Ring doorbell, the Ring Floodlight Cam and the Ring Stickup Cam.
The Ring Floodlight Cam is worth $249. Aside from the security camera, it comes with floodlights, a siren, night vision and a two-way talk. The Ring Floodlight Cam is also Wi-Fi enabled, records videos in 1080p and is equipped with a 100dB speaker (the loudest out of all the outdoor security cameras in the market), Android Police noted.
The Ring Stickup Cam, meanwhile, is priced at $199 and can be mounted anywhere the owner wants. With Ring, the homeowner can talk to the person at the door via a smartphone. The device can also aid homeowners in pretending that they are home when in fact they are not. To check it out in action, see below.
— Ring (@ring) January 25, 2017
Siminoff first pitched the idea of Ring on ABC's reality show, "Shark Tank," in 2013. At the time, he was already earning approximately $1 million in sales per year, but he has bigger dreams for the product and he wants the show's "shark" investors to turn their sights to Ring.
Unfortunately, Ring didn't interest the investors on "Shark Tank" that much, but not everything is lost on Siminoff. More than 15,000 stores across 100 countries are now selling Ring, and the recent funding it got totals its investment to more than $209 million, Business Insider reported.
Christopher Dawe of Goldman Sachs Investment Partners praised Ring for being "one of the fastest growing consumer hardware companies." Their support for Ring comes from the belief that it can prove itself more when it comes to producing a "full suite of home security products and services."
CRV investor Saar Gur commended Siminoff for seeing the world differently and "inventing products from scratch." For him, having a siren on your smartphone to alert you of any suspicious activity at home makes Ring a "new product." When news about Ring's additional funding hit the public, Gur tweeted about his excitement and pride for Siminoff's achievement.