LOS ANGELES, January 25, 2017 /PRNewswire/ --
Company to use the funds to further its mission of reducing crime in neighborhoods around the world
Ring , the leader in neighborhood security, today announced it has raised $109 million from DFJ Growth, Goldman Sachs Investment Partners and Qualcomm Ventures, with additional participation from Sir Richard Branson, American Family Insurance, Shea Ventures and True Ventures, among others . A global company that has successfully reduced crime in neighborhoods around the world with its suite of smart home security products, Ring now has nearly 1,000 team members operating in eight countries.
Jamie Siminoff, Chief Inventor and Founder of Ring, said: "As a global company, it's 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."
"We are thrilled to partner with Jamie Siminoff and the team at Ring to help make homes and neighborhoods safer," says Randy Glein, partner at DFJ Growth. "Ring has quickly emerged as the market leader with its new generation of connected home products that incorporate elegant design and advanced video processing technologies to enable simple and affordable home monitoring. The company is experiencing explosive growth as communities embrace Ring as their digital neighborhood watch. We are proud to be part of this mission."
"Ring is one of the fastest growing consumer hardware companies, which in itself is an impressive feat, but we see a much larger opportunity to deliver a full suite of home security products and services," said Christopher Dawe, Co-head of the Venture Capital & Growth Equity team at Goldman Sachs Investment Partners. "This is a true market expansion story. Ring is building a next generation home security platform at an accessible price point. We are excited to partner with Ring and support the company's mission."
In just 18 months, Ring expanded its customer base across 100 countries; launched five home security products; raised a total of $209 million; and is now available in 15,000 retail locations. The new funds, which are a combination of Series D financing and debt from Silicon Valley Bank, enable Ring to continue executing on its mission of reducing crime in neighborhoods. Last year, Ring partnered with the Los Angeles Police Department to install Ring Video Doorbells on 10 percent of homes in the Los Angeles neighborhood of Wilshire Park. In just six months, home burglaries were reduced by 55 percent in the neighborhood and no burglaries occurred at any of the homes with Ring Video Doorbells installed.
Now, law enforcement officials globally are using Ring recordings to help identify and apprehend burglars. As one officer in Florida said: "Law enforcement is relying more and more on video evidence to help increase our rate of closure on theft and burglary offenses. Ring is a simple, effective tool for providing us with hard evidence and the homeowner with solid peace of mind."
Ring's mission is to reduce crime in neighborhoods and empower consumers by creating a Ring of Security around homes and communities with its suite of smart home security products: Ring Video Doorbell, Ring Video Doorbell Pro, Ring Stick Up Cam, and the new Ring Floodlight Cam. With these security devices, Ring has created the neighborhood watch for the digital age and continues to prevent burglaries and keep homes around the world safe. For more information, visit http://www.ring.com. With Ring, you're always home.
DFJ is a venture capital firm that partners with extraordinary entrepreneurs who set out to change the world. Since 1985, DFJ's core funds have raised $5 billion. These funds have been invested in more than 300 companies, including Baidu, Box, Cylance, Nervana, Planet, Skype, SolarCity, SpaceX, Tesla Motors, Twilio, Twitter, Tumblr, Unity, Yammer, and Zoox. DFJ works with companies at seed, early and growth stages, with the goal of creating iconic and lasting businesses. DFJ invests in emerging markets including consumer, enterprise, and disruptive technologies. Learn more at dfj.com.
About Goldman Sachs Investment Partners
The Goldman Sachs Investment Partners (GSIP) Venture Capital & Growth Equity team has invested more than $6 billion in private opportunities globally since 2003. The team partners with entrepreneurs to build disruptive businesses and has invested in over 100 private transactions, including Uber, Facebook, Spotify, SMS Assist, Pinterest, thredUP, foodpanda, GoEuro, Cadre and Compass. The team is located in New York, Hong Kong, and Mumbai and is part of Goldman Sachs Asset Management.