Security and management supplier Verkada hits $3.2bn valuation

Security and management supplier Verkada hits $3.2bn valuation
Verkada, a security and management platform, has raised $205m in its Series D, which values the company at $3.2bn.

Linse Capital led the round, with participation also coming from MSD Partners. Existing investors, Felicis Ventures, Next47, Sequoia Capital, Meritech Capital, and First Round Capital also backed Verkada.

This capital will help Verkada enhance its existing offering and build new product lines. It also plans to hire across all teams and further geographic expansion efforts.

Its core product lines include video security cameras, door-based access control, environmental sensors, alarms, guest, and mailroom management. It supports companies in financial services, government, healthcare, manufacturing and more.

Financial services can leverage the technology for integrated security at banks and ATMs. Its security technology can fit into most standard ATMS and uses people analytics to identify suspicious transactions. It claims the software deters ATM fraud.

Verkada co-founder and CEO Filip Kaliszan said, “We founded Verkada in 2016 with the vision to modernise the world of physical security – one of the last industries to experience a migration from on-premise solutions to cloud-based software. We started with security cameras and an intuitive cloud-based platform, and in just six years, we’ve expanded to include five additional product lines that help enterprises to protect and manage their people and assets.

“This latest commitment of capital is further validation from investors that we are well positioned to capture the opportunity that lies ahead.”

Since it was founded in 2016, Verkada has raised over $360m in funding. It previously raised $80m for its Series C in 2020. The funding round had valued it at $1.6bn.

Next47, Sequoia Capital, Meritech Capital and Felicis Ventures supplied the investment capital.

Since the Series C, Verkada has quadrupled its customer count and its team, as well as open six new offices.

Copyright ? 2022 FinTech Global

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