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IVP leads $30m Series C for camera maker Dropcam

31 Jul 2013

dollar_macro_170sqInstitutional Venture Partners (IVP) has led a $30m Series C round for Dropcam, bringing the total raised by the Wi-Fi video monitoring camera maker to $47.8m.

Existing backers Accel Partners and Menlo Ventures and new investor Kleiner Perkins Caufield & Byers also participated in the round.

The company will use the funding to grow its engineering team and expand into new sales channels. Dropcam said it has seen a fivefold increase in camera shipments every year since 2009.

IVP principal Eric Liaw said, Dropcam clearly develops elegant hardware, but we invested because in an era where people are constantly on the move, Dropcam’s cloud-based, mobile software and services enable its customers to remotely monitor one of the important things in their lives – their homes.

“We are excited to join an exceptional group of investors in supporting the company in its next phase of growth.”

Earlier in July IVP led a $30.6 Series B round for Stanford University spin-out Ayasdi.

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