Developer of intelligent door locks Ring attracts USD 160mln×
Developer of intelligent door locks Ring attracts USD 160mn during E series investment round. Notably, the start-up was estimated close to USD 1bn worth. It has become two times more compared to the previous round when the company attracted USD 109mln at USD 445mln estimate worth. A that time, some of the attracted funds were channeled into the development of the Kyiv R&D office of Ring.
In 2017, the company’s sales doubled from USD 155mln back in 2016.
The closing date of this round is not yet known, since it depends upon the end of some of the trials against the startup. The security company ADT accused Ring of stealing intellectual property. This round investors voiced readiness to also double their investment, if the company would be purchased.
The startup founded R&D center in Kyiv in late 2016. As of present, there are about 450 people working there. Initially, the Ukrainian office specialized in developing software in the field of machine learning, computer vision, data mining and other areas of artificial intelligence for Ring products. Later, the office took up support service and development of the device itself.