SAN FRANCISCO — Samsara has raised $400 million in equity financing from Alliance Bernstein, Franklin Templeton, General Atlantic, Sands Capital Management, and Warburg Pincus, along with previous investors Andreessen Horowitz, Dragoneer Investment Group, General Catalyst, and Tiger Global. With the new funding, Samsara says it has $600 million of cash on-hand.
Samsara provides Internet of Things (“IoT”) solutions that combine hardware, software, and cloud to bring real-time visibility, analytics, and AI to operations. The company serves over 15,000 customers from transportation and logistics to field services, food production, energy, construction, local governments, and manufacturing.
Samsara also announced it has taken a hard look at expenses during the Covid-19 pandemic and will cut its workforce by approximately 18%, or 300 people. The reductions are concentrated in certain markets outside of North America and in supporting functions like recruiting.
Laid off workers will receive severance pay, coaching and outplacement services, and healthcare coverage for the rest of the year.