Pioneer in cloud-based physical security technology, Verkada, has announced a $200 million Series E funding round. The round was led by General Catalyst, with significant investment from Eclipse and additional participation from new and existing investors. Since its founding in 2016, Verkada has raised more than $700 million in funding, and the latest round values the company at $4.5 billion.
Designed with simplicity in mind, Verkada’s six product lines — video security cameras, door-based access control, environmental sensors, alarms, workplace, and intercoms — provide unparalleled visibility through a natively integrated cloud-based software platform.
Machine learning and applied computer vision
Machine learning and applied computer vision have been core to Verkada's offering
Machine learning and applied computer vision have been core to Verkada's offering from the beginning, and it recently expanded AI-powered capabilities with category-defining natural language search and alerting features.
These visual intelligence offerings not only make investigations more intuitive and efficient than ever before, but they also enable Verkada's customers to address industry-specific operational concerns – from manufacturers managing workplace safety and compliance to retailers combatting fraudulent returns.
Infuse AI into its security and safety solutions
The company will leverage this new capital to further infuse AI into its security and safety solutions, and more broadly enhance and expand its cloud-based physical security platform.
Verkada has incredible momentum in the market; with its customer base growing 111% since its last fundraise in September 2022.
Currently, more than 91 companies in the Fortune 500 trust Verkada as their physical security layer, and more than 70% of Verkada's large customers leverage two or more of its products. This strong customer demand has driven Verkada's revenue up 95% in the same time period.
Deliver category-defining solutions
This strong customer demand has driven Verkada's revenue up 95% in the same time period
"Today, more than 1.5 million Verkada devices are online protecting people and places across the globe, and we have an incredible opportunity ahead as we continue to rapidly increase our market share and deliver category-defining solutions to our more than 30,000 customers," said Filip Kaliszan, Co-Founder and CEO of Verkada.
Filip Kaliszan adds, "This latest commitment of capital reinforces the critical transformation that Verkada is driving in the market as applied AI fundamentally changes the ways that organisations keep people safe and drive business efficiency."
Verkada’s ability to integrate AI into real-world applications
"Verkada’s ability to integrate AI into real-world applications like video security, predictive maintenance, and environmental monitoring, has allowed their customers to interact with their security systems in intuitive, transformative ways," said Deep Nishar, Managing Director, General Catalyst.
Deep Nishar adds, "The business potential is enormous - whether it's protecting schools, hospitals, retailers, or manufacturing facilities, Verkada's combination of cloud-native software and integrated hardware we believe positions the company well to scale and reshape how we think about safety and security on a global scale."
Cutting-edge tech to bridge digital and physical worlds
Eclipse partner - Aidan Madigan-Curtis, whose firm invests in cutting-edge technology to bridge digital and physical worlds, said aging security systems simply do not meet the needs of the modern world.
"Safety is increasingly on the minds of parents, audiences, consumers, and others in public and private arenas, but our infrastructure is severely lacking in secure, modern systems for threat detection, access control, and emergency alerting," says Aidan Madigan-Curtis.
Aidan Madigan-Curtis adds, "This is a pivotal moment in time to combine the best in computer vision, advanced hardware, and AI to serve all citizens and their families. Eclipse is proud to partner with the Verkada team in order to continue to amplify the company's scale and global reach."
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