There are two uncertainties in life: what time of the day your packages will come and when your home might be robbed next. Luckily with the new app Ring, both of these uncertainties are non-issues. With the new smart doorbell you are alerted whenever there is motion at your front door. You wont have to worry about going to the bathroom when your package may be coming and more importantly you wont need to worry when you leave your child home with the babysitter the first time. Jamie Siminoff, CEO and Chief Inventor
of Ring takes us through the recent funding and how Ring is making for a safer America.
Who were your investors and how much did you raise?
Ring raised $28 million in Series B funding. Sir Richard Branson, Shea Ventures (one of the largest privately held homebuilders in the U.S.), American Family Insurance, True Ventures, Upfront and multiple angels, including Sky Dayton, participated in the round.
Tell us about your product or service.
The Ring Video Doorbell is an affordable, DIY home security solution that calls a user’s smartphone when activated, enabling homeowners to see and speak with visitors no matter where they are. With Ring, homeowners can give potential intruders the impression they’re home even when they’re 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.
What inspired you to start the company?
I ran my previous company out of my garage and would often miss package deliveries because I couldn’t hear the doorbell. One day, after I missed an important delivery, I looked down at my phone in frustration and thought: why can’t I answer the door with my smartphone? When my wife also liked the idea, not only for the convenience of the product, but also for the added security, I knew it had to be made. Today, we remain very passionate about reducing crime in communities.
How is it different?
The Ring Video Doorbell is the world’s only battery powered, Wi-Fi HD video doorbell. Unlike traditional security systems that are retroactive and expensive, the $200 DIY Ring Video Doorbell can prevent burglaries from taking place. It’s common for burglars to knock or ring the doorbell to make sure no one is home before breaking in; with Ring you can give potential intruders the impression you’re home, even if you’re not.
What market you are targeting and how big is it?
Our first target market is any dwelling that has a door that opens to a public area. We believe that market includes about 1 billion potential customers.
What’s your business model?
We are a mission-driven company. Our mission is to reduce crime in communities; we build and improve our product and software to do just that.
What was the funding process like?
We were very lucky to be approached by some amazing investors who really understood and wanted to be part of our long-term mission.
What are the biggest challenges that you faced while raising capital?
In the past it was very hard for us to raise money. Luckily with this round, we didn’t face any challenges thanks to our established business, large existing customer base and solid team of expert employees.
What factors about your business led your investors to write the check?
Many of our investors, specifically Branson, Shea and American Family Insurance, share our goal of reducing crime in communities.
What are the milestones you plan to achieve in the next six months?
Right now our goal is to continue to execute on our mission. We plan to do this by offering our products in more stores and improving our software and products.
What advice can you offer companies in Los Angeles that do not have a fresh injection of capital in the bank?
Keep your head down, stay focused and execute.
Where do you see the company going now over the near term?
We will continue executing towards our mission. We believe that will result in growth and success.
What’s your favorite LA bar, when you need to kick back and relax?
The bar at Nobu in Malibu on a weeknight in the off-season is by far my favorite place to have a drink and disconnect.