Rhombus Systems Raises $10M Series A Funding

Rhombus Systems is said to provide smart security cameras and IoT sensors in more than 10,000 locations worldwide.

SACRAMENTO — Rhombus Systems, a provider of Cloud-managed physical security solutions, announces a $10 million round of funding led by Cota Capital, with existing investors MSD Partners, Lemnos Labs and Promus Ventures also participating in the round.

The new round brings the company’s total funding to more than $20 million.

Rhombus Systems provides smart security cameras and IoT sensors in more than 10,000 locations worldwide, according to the announcement. The company’s solutions have been deployed across many industries and organizations including school districts, healthcare providers, city governments and Fortune 500 companies.

With Cota’s expertise in building enterprise SaaS companies, Rhombus will fund more R&D and build out the sales team to continue providing organizations with a customizable and scalable physical security platform, according to the announcement.

“We are excited to partner with Rhombus, who has developed an innovative cloud managed platform that leverages AI powered security cameras and smart sensors to gain critical insights into physical spaces,” said Bobby Yazdani, founder and partner of Cota Capital. “We look forward to working with the talented Rhombus team as we believe in the company’s vision and expertise to address the physical security challenges today’s modern organizations face.”

Traditional video security systems are siloed pieces of technology that require extensive technical expertise to set up, configure and use. Rhombus devices are said to come online in minutes without any complex configurations and can be managed from a single pane of glass via the Rhombus Console.

Users can access live video feeds, share footage and receive AI-enabled alerts from anywhere around the world through a web browser or mobile device. The announcement states Rhombus is on pace to triple its revenue year over year, as it did the previous year.

“This capital will help us keep up with the unprecedented growth we’ve been experiencing this year, as well as invest in future product development,” says Garrett Larsson, CEO and co-founder of Rhombus Systems. “We’re still in the early days of a major technology shift in this industry which is really exciting to us because we see so many opportunities for innovation.”

The company, based here, is also backed by other investors including Uncorrelated Ventures, Portfolia; individual investors include Michael Stoppelman (formerly of Yelp), Tim Lee (formerly of Sequoia Capital), Sharon Wienbar (formerly Scale Venture Partners) and Suresh Batchu (co-founder of MobileIron).

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