San Francisco-Based Dropcam Lands $12 Million in Second Round

San Francisco -- Dropcam, the San Francisco-based developer of a Wi-Fi video monitoring camera, said on Tuesday it has raised $12 million in its second round of funding, led by Menlo Ventures. Previous backers Accel Partners and Bay Partners also participated in the round, which increases the company's total funding to $17.8 million. Dropcam said it will use the proceeds to grow its software engineering team in San Francisco, as well as expand its manufacturing operations globally. "We are focused on growing," said co-founder and CEO Greg Duffy. "This influx of capital will be instrumental in recruiting the right talent to help us do that." The company released its Dropcam HD Wi-Fi Video Monitoring Camera in January, and the product initially sold out in three weeks.
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