Jan 25, 2017

Ring, maker of "smart" doorbells, snares $109 million

Ring, the maker of a popular doorbell equipped with a security camera, has raised a whopping $109 million in new venture capital funding less than one year after its last round. DFJ Growth, Goldman Sachs Investment Partners and Qualcomm Ventures led the round, with additional participation from Richard Branson, True Ventures, American Family Insurance and Shea Ventures.

Market maturity: According to Ring founder Jamie Siminoff, we're past the initial hype phase of "smart" devices for the home. "Now you're starting to see companies doing $100 million-plus" in revenue, he tells Axios of the market's maturing.

  • Research firm IHS predicts that the smart home market will move beyond early adopters and into mass adoption, within the next five years or so.

Year of the hub: Unlike some of its peers, Ring's strategy has been to focus on standalone products with a very specific and obvious use, such as the home security camera.

  • Despite a rough 2016 and a recent lack of new products, Nest, one of the biggest brands in connected home devices, did nail this strategy when it introduced its first product, the "smart thermostat."

But now that such products have given consumers a taste of the so-called "connected home," Siminoff believes they'll finally begin to purchase hubs, which can centrally connect and connect various devices in and out of the home.

  • While Ring will continue to develop standalone products, it's partnering with bigger companies producing popular hubs to make sure its products are universally available.

Go deeper

Updated 38 mins ago - Health

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

The number of deaths from the novel coronavirus surpassed 400,000 worldwide on Sunday morning, per Johns Hopkins.

By the numbers: Almost 6.9 million people have tested positive for COVID-19 globally and more than 3 million have recovered from the virus. The U.S. has reported the most cases in the world with over 1.9 million.

George Floyd updates

Protesters gather north of Lafayette Square near the White House during a demonstration against racism and police brutality, in Washington, D.C. on Saturday evening. Photo: Jose Luis Magana/AFP via Getty Images

Tens of thousands of demonstrators have been rallying in cities across the U.S. and around the world to protest the killing of George Floyd. Huge crowds assembled in Washington, D.C., Philadelphia and Chicago for full-day events on Saturday.

Why it matters: Twelve days of nationwide protest in the U.S. has built pressure for states to make changes on what kind of force law enforcement can use on civilians and prompted officials to review police conduct. A memorial service was held for Floyd in Raeford, North Carolina, near where he was born. Gov. Roy Cooper ordered all flags to fly at half-staff to honor him until sunset.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 6,898,613 — Total deaths: 399,832 — Total recoveries — 3,087,714Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 1,920,061 — Total deaths: 109,802 — Total recoveries: 500,849 — Total tested: 19,778,873Map.
  3. Public health: Why the pandemic is hitting minorities harder — Coronavirus curve rises in FloridaHow racism threatens the response to the pandemic Some people are drinking and inhaling cleaning products in attempt to fight the virus.
  4. Tech: The pandemic is accelerating next-generation disease diagnostics — Robotics looks to copy software-as-a-service model.
  5. Business: Budgets busted by coronavirus make it harder for cities to address inequality Sports, film production in California to resume June 12 after 3-month hiatus.
  6. Education: Students and teachers flunked remote learning.