SAN MATEO — Verkada, a provider of video security systems for businesses and schools, has secured $15 million in Series A financing. The funding round was led by Siemens’ venture fund, Next47, with participation from existing investors, including First Round Capital, entrepreneur Hans Robertson, and Stanford professor and computer scientist, Héctor García-Molina.
Verkada will use the new capital to scale its manufacturing operations, grow its sales team, and expand the development of enterprise applications of computer vision and machine learning.
“We’ve seen phenomenal traction with our product so far and will be significantly growing the size of our engineering team so we can build new products even faster,” said Verkada CEO and co-founder, Filip Kaliszan. “This will include enhancing our existing products, adding new products, and building out new features, like advanced A.I. capabilities.”
The funding comes as Verkada has experienced rapid growth in demand for its technology, particularly among K-12 schools, colleges and universities, retailers, hospitality brands and major corporations. Yuma County School District in Arizona, for instance, recently selected Verkada to replace its existing video security equipment. The new 1,000-camera system will give school administrators new capabilities, such as the ability to share security camera live feeds via SMS text and email.
“Verkada is helping us simplify and strengthen critical security infrastructure across our district,” said Dean Farar, CIO at Yuma Educational Technology Consortium.
As a challenger in the $16 billion-a-year market for commercial video surveillance technology, Verkada offers a range of benefits, including stronger data security, user-friendly software that works on any device, and automated SMS alerts that get sent when a camera detects an unusual event. Each Verkada camera is an all-in-one system that stores video locally and operates seamlessly with Verkada’s cloud-based software, eliminating the need for equipment such as digital video recorders and on-premise servers.