Google is reportedly acquiring Dropcam; plans to enter the home security sector
If sources are to be believed then the San Francisco based wi-fi connected camera startup, Dropcam might be next in line to be acquired by Nest Labs (a Google subsidiary) after MyEnergy. The acquisition is aimed at marking Google's entrance in the home security market.
Google and Dropcam have not been available to comment on the deal.
Dropcam is widely used by people across the country to watch babies, keep an eye on pets and catch unsuspecting thieves with their $150 cameras.
Dropcam recently announced a feature that lets its cameras detect people moving in your home. The cloud-powered software then sends an alert to your smartphone app or email account. The company also has a subscription product that lets you record up to seven days' worth of video from your Dropcam. You can go back at any time and review the footage and save clips.
Co-founded by Greg Duffy and Aamir Virani in 2009, Dropcam was initially backed by the tech pioneer Mitch Kapor, who saw the promise of a flexible cloud-based video service. The company has raised a total of ~$47 million till date from Accel Partners, Menlo Ventures, Mitch Kapor, David Cowan, Aydin Senkut, Ben Narasin, Institutional Venture Partners and Kleiner Perkins Caufield Byers.
Earlier this month, Nest Labs had acqui-hired MyEnergy in the direction of giving more in-depth access and analysis of energy usage to customers,
Nest Labs, Inc. today announced that the company has acquired MyEnergy to further Nest’s goal of helping people understand and address home-energy consumption. The acquisition also accelerates Nest’s services for energy providers, giving them a cost-effective way to share data with their customers.
Google bought Nest Labs in January for $3.2 billion which was its only last multi-billion dollar acquisition after the $12.5 billion purchase of Motorola Mobility in 2011.
Reportedly, Nest Labs had kickstarted this discussion targeting Google's entry into the smart home market and even bring it closer in competition with Comcast.
Apple is also expected to debut its new smart home system at its upcoming Worldwide Developers Conference.