Verkada bags $80m in its Series C, bringing its valuation to $1.6bn

Cloud-based video security solution Verkada has bagged $80m in its Series C round which brings its valuation to $1.6bn.

The company has managed to increase its valuation by more than $1bn in just the nine months since it closed its Series B.

Contributions to the Series C round include previous Verkada backers Next47, Sequoia Capital and Meritech Capital. Felicis Ventures also joined the round, making its first investment into the cybersecurity unicorn.

Having closed the round, the company will look to expand its product suite, increase global expansion and grow its engineering team.

Alongside the round, the cybersecurity company has released a new series of access control products.

The company has witnessed strong growth over the past year. It has tripled its revenue, opened its first international office in London, grown its headcount by three times to 300 and expanded its partner programme to more than 1,100 resellers.

By the end of 2020, Verkada hopes to have a team of 800.

Verkada is a video security company which helps banks to improve their protections. Financial institutions can leverage the solution to safeguard their ATMs and respond to incidents in real-time.

Copyright © 2020 FinTech Global

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