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Google’s Nest Labs to buy Dropcam for $555 million
MUMBAI: Google Inc’s Nest Labs is all set to acquire home-monitoring camera startup Dropcam for $555 million in cash with an aim to become the dominant operating system for connected devices in and around the home.
Nest will work with Dropcam to develop products and services that connect users to their homes. Dropcam will relocate from its San Francisco office to Nest’s California headquarters.
Dropcam, which has thus far raised $47.8 million in venture capital funding, was founded in 2009 by Greg Duffy and Aamir Virani, who spun the company out of camera-software development that the two engineers had performed for Swedish technology company AXIS.
Google is increasingly expanding into new markets ranging from high-speed Internet access to advanced research on self-driving cars and robotics. It bought smart thermostat and smoke alarms maker Nest Labs for $3.2 billion this year, making it the Internet firm’s second-largest ever acquisition.