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The home security industry is ripe for disruption right now. The rise of smartphones over the past decade have driven down the cost of compact sensor and camera technologies, and now theres a slew of different products in the works that can keep your home just as safe, but for a fraction of the cost.
Canary is one of these up-and-coming products, and its poised to ship to consumers in the very near future. Just a few months after the conclusion of itshugely successful IndieGoGo campaign, the company has announced that it has raised over $10 million in series A funding to help bring its product to market.
Developed in New York, theCanary smart home security system is a combination of an indoor surveillancecamera, alarm system, andweather monitorall wrapped inside a soda-can shaped machine. To install it, just connect the device to your homes Wi-Fi network and sync it to yoursmartphone. From there, Canary can monitor your home and alert you if something unusual is spotted, such as movements in a room thats supposed to be empty, or a sudden loud noise. The temperature sensors can also detect changes in humidity and air quality. These alerts are sent directly to your phone like a regularnotification, and allow users see the live view of their home via an HD camera before deciding the next course of action.
This new round of funding was led byKhosla Ventures, Bobby Yazdani (an early investor in Google and Dropbox), and a number of the firms initial seed investors, including Two Sigma Ventures.The money will help Canary build out its $199 product and drive adoption.
The company plans to ship to its original IndieGoGo backers later this spring, and everyone else in the summer.
DT
Drew's fascination with technology began at an early age - shortly after he licked a 9-volt battery for the first time. It was this first taste of technology that sparked his interest in how electronics work, and he's been obsessed ever since. Aside from keeping up with the latest developments in tech, he enjoys shock humor, and working puns into his writing at every opportunity. You can find his work on Digital Trends and The Manual.
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Canary raises $10M in Series A funding for its home security product
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1 hour ago Mar. 5, 2014 - 7:00 AM PST
Canary, a connected home security device designed for those who live in apartments or who dont want to pay monthly fees to the big giants in the industry, has raised $10 million in funding from Khosla Ventures, Bobby Yazdani (an early investor in Google and Dropbox) and a number of the firms initial seed investors, including Two Sigma Ventures. The funding comes in the wake of a successful Indiegogo campaign (it raised $2 million) and a $1.2 million seed round.
Canary makes a device containing a connected camera and a series of sensors. The idea is to offer a level of home security for people who might live in apartments (theres nothing to install) or who might want a security system designed to alert them when things happen in the home, but not call police. When I covered the company last summer, I wrote:
[T]his is a nifty product for those wanting to know if someone entered their house while they were on vacation, but less aimed at those who view a security system as something to scare away an intruder or protect people inside a home. [Canary CEO Adam] Sager says that ability is coming, with an ability to hook in the system to a call center, but thats not the priority today.
The funding will help Canary build out the $199 product and drive adoption. The product will ship to backers later this spring, and everyone else in the summer.
The funding also puts Canary in the company of SmartThings and Pebble, which also completed successful crowdfunding campaigns and then went on to raise significant venture capital. However, there is plenty of competition in this space from the hub makers that pair with home monitoring sensors, like SmartThings and Lowes Iris system, to other dedicated connected devices aimed at the low-end security conscious home or apartment dweller, including Piper, Scoutand Alertly. At the high end there are Alarm.com, ADT and more.
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Canary raises $10M for new home security product