A Chicago hardware startup that got its secure photo storage device off the ground using a Kickstarter campaign is turning to crowdfunding again as it reveals a new and improved version.
Monument, founded in 2015, makes safe and secure wireless photo storage devices to replace using cloud services from companies like Apple and Google. Unlike cloud services from big tech companies, Monument doesn’t charge monthly fees for storage space.
Instead, customers only have to pay for the upfront cost of the device, and the Monument iOS and Android app automatically transfers photos and videos from a user’s phone to the storage device.
“Taking photos and recording videos is becoming an integral part of our life,” said founder and CEO Ercan Erciyes. “We created Monument to bring the benefits of the cloud and also the convenience of keeping everything under your control and on your terms.”
Monument also advertises itself as a better option than devices like external hard drives, which have to be manually organized. Monument automatically organizes photos for users by date, time and location.
The device, manufactured in China, also groups photos by who is in them using facial recognition technology powered by artificial intelligence.
In 2016, Monument launched its first Kickstarter campaign and raised more than $700,000. Soon after, the startup launched an Indiegogo campaign, which raised an additional $170,000.
Now with its second Kickstarter four years later, Monument has raised more than $480,000 of its $50,000 goal from 2,070 donors and has 17 days to go, as of press time. The devices are expected to ship to backers in May 2021.
The second version uploads and organizes photos quicker with a new, more powerful processor, Erciyes said. Monument 2 also gives users more freedom to expand their storage by allowing them to add solid state drives as they need it.
The Monument 1 currently retails on the company’s website for $100, down from $169, but will soon be discontinued. It has also been sold by Amazon, Best Buy and Walmart.
Since launching, Monument has sold more than 25,000 devices and is growing 50% year over year, Erciyes said. Monument 2 is available through the Kickstarter campaign for $169 and will eventually retail for $209.
Monument, which is a team of six employees, has raised $2.8 million from investors, including ACT Venture Partners and Bluestein Ventures. Erciyes said the startup will raise more capital next year.
“We’re doing the hard work,” Erciyes said. “We’ve listened to our users’ needs very closely and it’s been a wild ride, but it’s been an amazing journey for us.”
