Verkada, a San Mateo, CA-based enterprise video security company, closed a $40m Series B funding at a $540 million post-money valuation.
The round was co-led by Meritech and Sequoia, with participation from existing investors Next47 and First Round Capital.
The company intends to use the funds to continue to expand its business reach.
Co-founded by CEO Filip Kaliszan, James Ren, Benjamin Bercovitz and Hans Robertson, Verkada manages security camera systems for schools, cities, and corporations.
Its bandwidth friendly cameras offer up to 120 days of built-in storage, and continuous footage, which can also be backed up to the cloud.
Smart features include object detection and proactive alerting that trigger in the event of unusual activities—such as a person wandering on premise after business hours, or an unidentifiable vehicle parked in a loading dock.
The company’s solution encrypts data at rest, in transit and in the cloud. The cloud-based management system integrates with most mainstream single sign-on (SSO) providers, ensuring that authorized personnel can easily access and manage cameras from a single console without having to install local software and servers.
In the past year alone, the company has acquired more than 1,000 clients, with over a dozen Fortune 500 companies spanning across industries such as schools, businesses, retail, hospitality, banking and healthcare.