VIENNA, Va. — Alarm.com, a provider of interactive security, automation and energy management services, has received $136 million in new funding by Technology Crossover Ventures (TCV), a private equity and venture capital firm based in Palo Alto, Calif., and New York.
TCV General Partner Tim McAdam will join Alarm.com’s board of directors along with the existing investor ABS Capital Partners.
“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”, Steve Trundle, CEO of Alarm.com, said in a press statement. “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.”
Alarm.com said the investment will allow it to continue to focus on developing and delivering home control products in the market. In June, the company announced it surpassed 1 million active subscribers in the spring of this year.