Dropcam announced on Wednesday that it managed to raise US $30 million in third round funding, led by investor Institutional Venture Partners. Existing investors Menlo, Accel Partners and Kleiner Perkins Caufield & Byers as the new investor also joined the round.The total fund raised by Dropcam already reached US $47.8 million, the company statement said.

The money will be used to enter new markets, expand its engineering teams and improve its product and services.

Greg Duffy, CEO of Dropcam, said that the new investment will allow the company to "push the envelope" further to meet the more demanding expectations of customers on the software application as well as mobile devices available in the market today. "We also plan to triple our team and expand our channel partnerships later this year," he said.

Dropcam is a video monitoring tool that allows you to check on your home or workplace from remote locations all over the world. Among the features include night vision, digital zoom, password-encrypted saving options.