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Video doorbell startup Ring has reined in a $4.5 million Series A funding round. The round was led by True Ventures with participation from Upfront Ventures, Queensbridge Venture Partners, First Round Capital, and angel investor Steve Russell. The doorbell device has an HD camera and motion detection sensor that via an app allows users to remotely see visitors at their front door.
Ring’s success follows an unconventional path. The startup, which originated as Doorbot, was a contender on ABC’s “Shark Tank,” a reality competition series in which aspiring business founders seek financing from celebrity investors. Simonoff was offered a deal, but rejected it, favoring a different approach.
The deal was “convoluted” and “would have required [us] to pay back investors immediately, which would have been problematic from a cash-flow perspective,” said CEO James Siminoff to the Wall Street Journal.
Siminoff intends to channel the new funds toward engineering, which makes up nearly 75 percent of the company’s employee pool of 42. “We have over 30 engineers currently and we are growing that group,” he said.
With such a robust staff of engineers, Siminoff hopes to focus on manufacturing a more sophisticated, distinct, and useful product in the “smart home” market. “Our mission is ‘to reduce crime in communities.’ I think a lot of people are trying to make the home smart. We are leveraging our smart device to do something of much greater value to the world,” he said.
