US-based home security technology developer Ring secured $109m in debt and equity financing yesterday from investors including mobile semiconductor producer Qualcomm, insurance firm American Family and real estate firm JF Shea.
DFJ Growth, True Ventures, Goldman Sachs Investment Partners and entrepreneur Richard Branson also took part in the series D equity portion of the round.
Qualcomm and JF Shea invested through their respective corporate venturing units, Qualcomm Ventures and Shea Ventures, while Silicon Valley Bank supplied the debt portion.
Ring’s core product is a video-based doorbell that allows residents to see who is at their door before answering, but it has added other cameras to its product stable together with accessories such as a small solar panel to power the system and a tool that enhances the sound of alerts.
Ring founder Jamie Siminoff told TechCrunch the company “probably did not need the money” but opted to raise cash because the valuation and investors were favourable. He added that the company aims to go public by the end of 2017.
The round brought Ring’s overall financing to $209m, it said in a statement. Its early financing came from backer including True Ventures, Charles River Ventures, Upfront Ventures, First Round Capital, Queensbridge Venture Partners and angel investors including Matt Mullenweg.
American Family Insurance, Shea Ventures and Richard Branson co-led a $28m series B round in 2015 that included True Ventures and Upfront Ventures, before adding $61.2m in a March 2016 series C round featuring Branson and Kleiner Perkins Caufield & Byers.
Siminoff said in a statement yesterday: “As a global company, it is important that we continue to deliver high-quality, affordable security devices that make homes around the world safer, while innovating and expanding to support our rapidly growing customer base.
“Goldman Sachs Investment Partners’ and DFJ Growth’s investments in Ring not only help us further our mission, but also prepare us for our next phase of growth.”
– Image courtesy of Ring