Amazon buys smart doorbell maker Ring to fuel its smart home ambitions
02 March, 2018, 03:42 | Author: Becky Perry
The deal, which Reuters was reporting at more than $1 billion, is Amazon's second acquisition in the security space in just the last few months, as the company purchased security camera provider Blink for $90 million in December. Famed for its selection of smart doorbells, security cameras and other security devices, the purchase of the Santa Monica, California firm is Amazon's latest foray into home security.
Ring is committed to reducing crime in neighborhoods around the world by creating innovative devices that put the power of home security in the hands of homeowners. There are also other video doorbells makers such as Vivint, a home security company, and August, a company best known for developing a smart lock that responds to Honeywell and Amazon's Alexa. Users can tell Alexa to call up a live Ring video feed from their front-door camera.
Amazon's interest in home security makes sense as it looks to expand the reach and potential of its smart speaker and home automation lineup.
This is also a huge opportunity to develop Amazon's plan to enable delivery people to leave packages inside of homes and buildings. A year ago it began selling an indoor security camera of its own design, Amazon Cloud Cam, and in December it acquired Blink, a maker of affordable internet security cameras and doorbells.
In a previous interview with CNBC, Ring CEO Jamie Siminoff described his relationship with Amazon and Alexa Fund as "nuclear power", in reference to the company's potential to both help and destroy your business.
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Amazon's Alexa Fund, which invests in companies working on voice technology, contributed to Ring a year ago.
Ring, founded in 2012, has raised more than $400 million in debt and equity sales, according to PitchBook data.
Founded in 2012, Ring has more than 2,000 employees and had about $155m in sales in 2016, the Los Angeles Timesreported past year. But after failing to raise money on the U.S. reality TV show, he went on to receive more than $200 million in total investment from backers including Sir Richard Branson's Virgin Group, Fitbit backers True Ventures, Kleiner Perkins Caufield & Byers, and Amazon's Alexa fund.
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