On Friday, Nest announced that it is acquiring Dropcam for $555 million in cash. This is a momentous occasion for Dropcam, and we congratulate co-founders Greg Duffy and Aamir Virani and the rest of the Dropcam team!
Like many great companies, Dropcam was founded to solve a common pain point. Greg and Aamir needed a way to stay aware of and connected to the most important things in life (a neighborhood dog kept donating unwanted “fertilizer” on the lawn of Greg’s parents). Inspired by the iPod, the first digital music player to layer an elegant, software-enabled experience upon sleek hardware, Greg and Aamir created the first Dropcam back in 2009. 5 years later, Dropcam’s product family allows users to drop in on their families, homes and businesses from anywhere and has evolved to include the award-winning Dropcam Pro and Dropcam HD as well as the new Dropcam Tabs. Along the way, the company has grown from 2 co-founders packing and shipping their own boxes to a vibrant team of roughly 100 incredibly passionate and talented employees.
IVP led Dropcam’s Series C financing in July 2013 because we developed a thesis that in an increasingly frenetic and mobile-enabled world, the need to stay connected would only increase and Dropcam’s products and team set them apart. In the short time since our investment, Dropcam has shipped 2 innovative new hardware products and released countless improvements to its Cloud Video Recording service to the delight of happy and grateful customers worldwide.
Dropcam’s ability to develop and market a product that blends easy to use software with cutting edge hardware ultimately caught the attention of Nest’s co-founders, Tony Fadell and Matt Rogers. As Tony and Matt were instrumental in the creation of the iPod and iPhone, it is no surprise that this quartet of co-founders shares a common vision of delivering a suite of easy-to-use products that seamlessly blend software and hardware to keep people connected to their homes. Although Nest joined Google in January 2014, Nest remains an independent company and Dropcam will be partnering with Nest to jointly deliver the next generation of products to keep homes safer, more secure and always connected.
IVP congratulates Greg, Aamir and the entire Dropcam team on all of the success they have achieved in a few short years and as customers ourselves, eagerly await the Dropcam / Nest products of the future!