Verkada records $40m series B round

US-based connected video security technology developer Verkada has secured $40m in a series B round that included industrial equipment and appliance producer Siemens’ Next47 unit.

Growth equity firm Meritech Capital and venture capital firm Sequoia Capital co-led the round, which also featured VC firm First Round. It valued the company at $540m post-money.

Founded in 2016, Verkada combines security cameras with cloud-based software to provide smart security systems that enable organisations to access and store live surveillance footage.

The company counts more than a dozen Fortune 500 companies among its customers, which span areas such as education, retail, hospitality, banking and healthcare.

Next47 had led Verkada’s $15m series A round in April 2018, investing alongside First Round and angel investors Hans Robertson and Héctor García-Molina. The latter three had previously backed Verkada’s $3.9m seed round seven months earlier.

Filip Kaliszan, Verkada’s chief executive and co-founder, said: “Enterprise video security was clearly an industry that needed improvements across reliability, user experience and design – much of what we have done is bring the simplicity of consumer systems to the enterprise space.

“By introducing smart features and making the solution cost-effective at scale, IT, facilities and security teams now have a resource that enables them to be more successful at their jobs.”