SAN MATEO, Calif. — Cloud-based physical security technology provider Verkada today announced a $200 million Series E funding round.
The company’s latest injection of fresh capital 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.
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 “have been core to Verkada’s offering from the beginning,” according to the company announcement, and it recently expanded artificial intelligence-powered capabilities with 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.
How Verkada Will Use Its New Funding
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,” according to the company announcement.
Verkada’s customer base has grown 111% since its last fundraise in September 2022. Today, 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, driving its Verkada’s revenue up 95% in that 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,” says Filip Kaliszan, co-founder and CEO of Verkada, in the company announcement.
“This latest commitment of capital reinforces the critical transformation that Verkada is driving in the market as applied AI fundamentally changes the ways that organizations keep people safe and drive business efficiency,” he says.
