Babson Alumnus Business Ring Raises $28 Million Series B From Sir Richard Branson
Ring, inventor of the smart doorbell, today announced the company raised $28 million in Series B funding to further its mission of reducing crime in communities. Sir Richard Branson, Shea Ventures and American Family Insurance led the round. True Ventures, Upfront and multiple angels, including Sky Dayton, also participated. Sir Richard Branson, Founder of Virgin Group, said: “What excites me about Ring is its efficient, convenient approach to crime prevention and home monitoring and also its entrepreneurial leadership team. I’m speaking as both an investor and a very happy customer!”
Ring has grown to over 120 employees and has significantly increased sales in the past year. The Ring TM Video Doorbell is available at Best Buy, Brookstone, Home Depot, HSN, Lowe’s, Target and Amazon with more major retail locations coming this fall. In addition to closing on $28 million in new funding, Ring recently released Ring Chime, a small WiFi speaker that chimes in the home when the Ring Video Doorbell is pressed. The company also launched motion detection and video cloud recording security features, which have assisted police departments from Los Angeles to Rochester, New York in identifying and apprehending burglary suspects.
James Siminoff ‘99, Chief Inventor and CEO of Ring, said: “It is exciting to have so many amazing partners supporting our mission; including Sir Richard Branson, one of the greatest entrepreneurs of all time, Shea Ventures, one of the largest privately held homebuilders in the U.S., and American Family Insurance. These new investors are all leaders in their industries, provide a strategic benefit to Ring and share our mission of reducing crime in communities. ”
An award winning affordable home security solution, the Ring Video Doorbell calls a user’s smartphone when activated, enabling homeowners, no matter where they are, to see and speak with visitors. It is common for burglars to first knock or ring the doorbell to make sure no one is home before breaking in. With Ring, homeowners can give potential intruders the impression they are home even when they are not. If a visitor does not physically press Ring’s button, built in motion sensors detect movement as someone approaches, triggering instant mobile alerts and initiating HD video recording.
Ring’s mission is to reduce crime in communities and empower consumers by creating a “ring” of security around homes and neighborhoods. Named one of TIME Magazine’s Top 10 Gadgets of 2014 , the Ring TM
Video Doorbell blends convenience, monitoring and security into one sleek, simple and powerful wireless doorbell. With Ring, you’re always home. Visit www.ring.com for more information.