Home security and automation solutions provider Alarm.com announced on Thursday that Technology Crossover Ventures has invested $136 million in the company.
According to a statement, the funding we be used for the development and delivery of new products to the market. TCV General Partner Tim McAdam will also be joining Alarm.com’s board of directors.
"Alarm.com is pleased to welcome TCV as a new partner in the business and we are thrilled to have Tim joining our Board of Directors," said Steve Trundle, CEO of Alarm.com. "TCV’s well-established track record of growth investments in software and technology companies will be a strategic asset for us. We look forward to continued focus on developing new and innovative products and growing our business."
Founded in 1995, TCV has invested in nearly 200 technology companies including Facebook, eHarmony, Expedia and Netflix.
"Alarm.com’s best of breed software services and device management platform has established the company as the premier solution provider of interactive security services," McAdam said. "We are excited to work with Alarm.com to continue its growth and build on its track record of innovation."