SimpliSafe gets $57 million in funding from Sequoia Capital
Startup SimpliSafe wants to be a leader in the home security space.
Venture capital firm Sequoia Capital has backed tech companies like Atari, Cisco, Dropbox, and Jawbone in the past. Today, it announced that it's contributing $57 million to Cambridge, Massachusetts-based home security startup SimpliSafe . The SimpliSafe team is of course excited about this partnership:
Happy to finally announce this: .@SimpliSafe nabs $57 Million in funding by Sequoia Capital...
-- Kevin Raposo (@Kevin_Raposo) May 21, 2014
We reviewed the SimpliSafe system back in 2013 and gave it an Editors' Choice award. While monthly fees range from $15 to $25, they include professional live monitoring (the same thing you get with a more traditional, more expensive hard-wired system) and cellular backup. Basically, SimpliSafe is uniquely poised to bridge the gap between an ADT-style setup that requires professional installation, activation, and contracts and a system that leaves everything up to you (including calling the police), like iSmartAlarm .
| Scout Alarm | iSmartAlarm Preferred | Oplink Security AlarmShield | Viper Home | SimpliSafe | |
|---|---|---|---|---|---|
| Upfront Cost | Starts at $128 | $199.99 | $199.99 | $229.99 | $229.96 to $539.85 |
| Monthly Fees | $0 | $0 | $9.99 ($19.99 with camera) | $0 ($9.99 with camera) | $14.99 to $24.99 |
| Live Monitoring | Yes (add $19.99/month) | No | No | No | Yes (no extra charge) |
| Cellular Backup | Yes (add $4.99/month) | No | Yes (add $9.99/month) | No | Yes (no extra charge) |
| Power Outage Backup | Yes | No | No | Yes | Yes |
| Camera | No | Yes (add $149.99) | Yes (add $100) | Yes (add $149.99) | No |
| Zigbee/Z-Wave Compatibility | Yes | No | No | Yes | No |
SimpliSafe isn't disclosing any specific plans for its newly-acquired $57 million just yet, except that it wants to add staff and products, and further establish its presence in the security market. I'd like to see some of these funds go toward a camera, home automation capabilities, and overall product design. We'll watch for updates and let you know what's in the works as soon as we learn more.