Verkada, a cloud-based enterprise security camera system, secured $80 million in Series C funding at a $1.6 billion valuation.
The funding comes from existing investors Next47, Sequoia Capital, Meritech Capital, and new investor Felicis Ventures.
The company plans to use the new funds to accelerate its growth in three key areas: expanding its product suite, accelerating global expansion, and growing its engineering team.
The Verkada platform combines plug-and-play security cameras with intelligent, cloud-based software – all in a scalable, user-friendly system. With smart features like object detection and proactive alerting that trigger in the event of unusual activities such as a person wandering on-premise after business hours or an unidentifiable vehicle parked in a loading dock-much of the mundane tasks associated with surveillance management are eliminated, without compromising personnel and facility safety, the company said.
According to the company, its security camera system is used by over 2,500 organizations, including twenty-five global Fortune 500 companies, to enhance physical security and gain new insights that improve their operations’ efficiency.
“Our customers rely on their security systems to protect their most valuable asset: their people. Yet despite the critical nature of enterprise video security, most companies still rely on antiquated systems that don’t offer the benefits that a software-first solution can provide,” said Filip Kaliszan, CEO and Co-Founder of Verkada.
“Verkada’s onsite security products and cloud-based software give security and IT professionals more visibility into potential security risks within their organizations, whether they have a single building or thousands of globally distributed locations. Visibility enables them to do what they’re best at – taking action.” Kaliszan sees Verkada as being “the essential physical security software layer for every building, and the foundation of a larger enterprise IoT infrastructure.”
To date, Verkada has raised $139 million in funding. The company’s investors include First Round Capital, Felicis Ventures, Meritech Capital, Sequoia Capital, and Next47.