US-based cloud storage company Space Monkey has been acquired by smart home technology firm Vivint for an undisclosed amount, providing an exit to Google Ventures, the corporate venturing unit of internet company Google.
Founded in 2011, Space Monkey uses a peer-to-peer network rather than a data centre to store data, which it claims offers greater speed, security and cost savings.
The acquisition will allow Vivint, which recently floated its solar installation subsidiary for almost $330m, to further expand its recently introduced SkyControl panel, which features cloud technology.
“It’s a natural fit for us to be a part of Vivint’s technology for the smart home,” said Clint Gordon-Carroll, Space Monkey’s co-founder. “We look forward to working with Vivint as we continue to innovate and invest in the product.”
Space Monkey raised an undisclosed amount of funding sum in a round led by Alta Ventures Mexico in April this year.
The company raised $2.3m in seed funding in 2012 from Google Ventures, Venture51, Morado Ventures, Polaris Venture Partners, B-Squared Ventures, Social + Capital Partnership, Zelkova Ventures Data Collective, TriplePoint and angel investors.