Canary raises $30M in new funding
Connected home security startup Canary announced last week that it has raised $30 million in its latest funding round. Walden Riverwood Ventures led the investment, with participation from Cota Capital,Khosla Ventures, Flextronics, Two Sigma Ventures and Western Technology Investment.
Canary’s first product, a small device that uses video and infrared cameras, a microphone and several environmental sensors to let users monitor a home and receive alerts of unexpected activity from anywhere they have Internet access, began shipping in January to the company’s Indiegogo backers and pre-order customers.
"In many cases these are people who, because they live in apartments or simply because they don't want the cost and complication of traditional security systems, now have access to security for the first time,” said Canary co-founder and CEO Adam Sager in a statement accompanying the funding announcement. “Canary is addressing a universal human need and to us that is what it's all about."
The company’s 2013 crowdfunding effort raised more than $2 million on top of $1.2 million in seed money, and was quickly followed by a $10 million funding round in March of last year. With this new funding, investors continue to bet that the “universal need” will translate into a broad untapped market for low-cost, low-complexity home security — which Canary, at just $250 with no subscription fees for basic remote monitoring and cloud storage (additional features are available for up to $40 a month), has the potential to capture.
And that’s not all Canary’s capturing: Now that the devices are in the wild, the company’s social mediafeeds are filling up with examples of actual burglaries caught — and solved — by Canary’s wireless video feeds.
Related: Home Wireless Sensor Systems