When GoPro Inc. holds its initial public offering (now set for Thursday), one beneficiary is expected to be Ambarella Inc. (NASDAQ: AMBA), the company that is the sole supplier of the system-on-a-chip that powers GoPro’s cameras. But GoPro isn’t Ambarella’s only customer.

Google Inc. (NASDAQ: GOOG) with its purchase of home security camera maker Dropcam, is now on Ambarella’s customer list as well. Dropcam will be added to the quiver of Google’s Nest, maker of smart thermostats and potential maker of a host of other products that are generally categorized as belonging to the Internet of Things.

GoPro plans to offer 17.8 million shares of stock in an IPO range of $21 to $24. At the low end of that price range, GoPro would have a multiple of around 43 times trailing 12-month earnings. Ambarella trades at a relatively rich 25 times trailing earnings, but it may be a less risky way to play the GoPro IPO. Plus, there is that exposure to Google’s Nest.

Ambarella shares traded at around $32.50 Tuesday afternoon, in a 52-week range of $13.16 to $36.49.

ALSO READ: The GoPro IPO Filing Has Arrived — Risk and Reward Alike

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