Industrial technology and appliance manufacturer Siemens’ Next47 unit contributed to an $80m series C round for US-based video security technology provider Verkada yesterday that valued it at $1.6bn.
The corporate was joined by venture capital firms Sequoia Capital, Meritech Capital and Felicis Ventures, and the round increased Verkada’s overall funding to $139m.
Verkada provides security systems for business customers that consist of on-site cameras and cloud software that allows users to access detailed video of their buildings in real time. They include analytics capabilities and tools that warn users when the hardware is being affected by tampering.
The company received $3.9m from VC firm First Round, Hans Robertson and Héctor García-Molina in a 2017 seed round before all three returned for a $15m series A led by Siemens Next47 the following year.
Meritech Capital and Sequoia Capital co-led Verkada’s $40m series B round in April 2019, investing together with Next47 and First Round at a $540m valuation.
Filip Kaliszan, Verkada’s co-founder and CEO, said: “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 do not offer the benefits that a software-first solution can provide.
“Verkada’s onsite security products and cloud-based software give security and IT professionals more visibility into potential security risks within their organisations, whether they have a single building or thousands of globally distributed locations. Visibility enables them to do what they are best at – taking action.”
Photo courtesy of Verkada Inc.
