Amazon just spent $1bn on Ring, which Shark Tank rejected five years ago
San Francisco — Amazon confirmed Tuesday that it bought video doorbell startup Ring, in a move that could help the internet giant’s delivery arm reach into people’s homes. Financial terms of the acquisition were not disclosed, but online reports valued the deal at more than $1bn. "We’re excited to work with this talented team and help them in their mission to keep homes safe and secure," an Amazon spokesperson said. California-based Ring first caught the spotlight with a failed quest for funding about five years ago on reality television show Shark Tank. Ring went on to win backing from the likes of billionaire Richard Branson and Amazon’s Alexa Fund. "Ring is committed to our mission to reduce crime in neighbourhoods by providing effective yet affordable home security tools to our neighbours that make a positive impact on our homes, our communities and the world," Ring said in a statement. "We look forward to being a part of the Amazon team as we work toward our vision for safer ne...
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