Verkada, an emerging leader in the enterprise video security space, today announced the close of a $40 million Series B round co-led by Meritech and Sequoia, at a $540 million post-money valuation. Existing investors Next47 and First Round Capital also participated.
Managing security camera systems might not seem like an obvious area for one of Silicon Valley’s most competitive funding rounds in recent weeks. But that’s the case with Verkada, a startup that just raised a funding round at a $540 million valuation after just two years in the market.
“Siemens’ venture fund, Next47, led the round. Also participating were existing investors including First Round Capital and Hans Robertson, a co-founder of networking startup Meraki Inc.” (Subscription required)
“Yuma County School District in Arizona recently chose to replace its existing video security equipment with Verkada’s 1,000-camera system, which gives school administrators the ability to share security camera live feeds through SMS text and email. The system also sends automated SMS alerts when a camera detects an unusual event.”
“Automatic encryption sets Verkada’s devices apart from competing alternatives … Verkada camera systems also include computer vision tools that let users highlight particular areas of the camera’s viewpoint and quickly search for sections of video where there was motion in that area.”
“Verkada, a San Mateo, Calif.-based enterprise physical security company, raised $3.9 million in seed funding. First Round Capital led the round.”
“Video stored within the device is encrypted, with the decryption keys stored in Verkada’s cloud. The software also supports 2 Factor Authentication, SAML, and various 3rd party user authentication methods to make user management within the system easier to integrate with a customers IT standards. All communications between cameras and clients is done over HTTPS, and no ports are opened in firewalls…” (Subscription required)
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