Density, the US-based crown management technology developer backed by real estate firm Lincoln Property Company, has secured $125m in a series D round it said increased its total funding to over $225m.
Venture capital firm Kleiner Perkins led the round at a $1.05bn valuation, and it included Altimeter Capital, 01 Advisors, Upfront Ventures, Founders Fund and private investor Lachy Groom.
Founded in 2014, Density developed a system that measures the number of people in a physical space at any given time using an array of depth sensors and algorithms without collecting identifying information.
The company will use the cash to grow its team globally and also disclosed it has acquired Helix, a provider of digital twin technology which creates a virtual double of a physical space in order to more efficiently fit it out.
Lincoln Property Company in Density’s $51m series C round in July 2020 through its corporate venturing unit, LPC Ventures. That round was also led by Kleiner Perkins and featured 01 Advisors, Upfront Ventures, Launch, Founders Fund, Ludlow Ventures, DTA and assorted individuals.
Founders Fund had previously led a $12m series B round for the company in 2018, while Upfront Ventures had led a $4m series A round two years earlier, investing alongside Ludlow Ventures, Dawn Patrol and various angel investors.
Andrew Farah, co-founder and chief executive of Density, said: “The emergence of hybrid work, post-pandemic, has fundamentally changed the nature and purpose of our buildings. Density customers believe this period of transition can either be a reckoning or a renaissance for the workplace.
“Over the next five years, the vast majority of the built world will be instrumented for measurement. This new infrastructure will generate reliable, real-time utilisation data, it will support the dynamic needs of hybrid work and help design, architecture, real estate and workplace teams improve the environments and spaces we use each day.”
