Remocam, a Smart Home device manufacturer and software developer, gets acquired by a South Korean KOSDAQ-listed company
San Francisco, November 4th, 2016
Remocam, a Smart Home hardware and software developer, has been acquired by Exa E&C, Inc (KOSDAQ 054940). Consequently, it will also change its company name from Remocam to Olive and Dove. It is following the suite of its competitors like Dropcam, which was acquired by Google and Nest, Piper by iControl – though they became separate companies after a year or so, and Withings by Nokia.
Remocam was founded in March 2015 and launched its first product, RemoCam, a Smart Home security camera, in October 2015. The acquisition happened at an interesting timing since Olive and Dove is about to launch its second product, RemoBell, a smart doorbell, which will compete with Ring and August doorbell.
Exa E&C Inc. is a special interior manufacturer in South Korea that makes Clean Rooms and high-end partitions. It has recently expanded its business to Vietnam.
Here is the story of how these two met. Olive and Dove’s parent company, ODC, Inc, introduced the very first Smart Home security camera to South Korea back in 2013. Ever since then, ODC Co., Ltd. became a pioneer of the Internet of Things market in South Korea by providing white-labeled Smart Home security cameras as well as proprietary Cloud server platform services to multiple national carriers in South Korea.
As a high-tech interior manufacturer, Exa E&C naturally became interested in the emerging IoT industry because they may be able to incorporate Smart Home technology into their expertise. Upon studying this new market in South Korea, Exa E&C execs found the level of technology at ODC was at the caliber of a global business. They soon learned that ODC had founded its subsidiary company, Remocam, Inc. in USA in 2015. Seeing its potential as one of the leading Smart Home device manufacturer as well as Smart Home software developer, Exa E&C decided to acquire ODC, which meant they also acquired Remocam, Inc (Now Olive and Dove).
The managing director of Olive and Dove, Paul Lee, remarked, ‘This can’t be any more timely. We are about to launch our second product, RemoBell, a HD video doorbell after launching RemoCam, a Smart Home security camera. This acquisition and the consequent financial support will boost our sales and marketing activities for both RemoBell and Remocam. I can’t wait to deliver better Smart Home devices, web and app services to the customers in US and eventually to the world.
The chairman of Exa E&C Inc., Cha K Koo, said, ‘ODC is a leading IoT company in South Korea. It set an industry standard in video encryption by introducing video encoding in order to ensure the privacy and protection and demonstrates the company’s leadership and competency. We see the potential in this company to become #1 in the world as well.
Olive and Dove plans to launch its second product, RemoBell in November, 2016.
ABOUT OLIVE & DOVE INC.
Olive & Dove Inc., formerly Remocam, Inc., is a Smart Home hardware and software company. Our goal is to help people take better care of their homes and loved ones. Our first product is RemoCam®, a Smart Home security camera. It not only monitors, but also controls other devices. The second product is RemoBell®, an HD video doorbell. This Delaware corporation is a subsidiary of ODC Co., Ltd., South Korea.