Rhombus Systems, a provider of cloud managed physical security solutions, announced a $10 million round of funding led by Cota Capital with existing investors MSD Partners, Lemnos Labs, and Promus Ventures also participating in the round. This brings its total funding to over $20 million.
Rhombus Systems provides smart security cameras and IoT sensors in over 10,000 locations worldwide. The company's solutions have been deployed across many industries and organizations including school districts, healthcare providers, city governments, and Fortune 500 companies.
“At CA, we have deployed over 700 Rhombus cameras with another 500 in the immediate pipeline. The experience has been instrumental in helping us protect our assets globally,” said Mark Zikra, senior vice president of technology and innovation at CA Ventures. “We can distribute cameras quickly, integrate with our broader tech stack, manage our security remotely, and receive alerts when things need our attention. Rhombus has transformed how we protect our environment and gave us the peace of mind we wanted from a smart security camera solution.”
With Cota’s expertise in building enterprise SaaS companies, Rhombus will fund more R&D and build out the sales team to continue providing organizations with a customizable and scalable physical security platform.
“We are excited to partner with Rhombus, who has developed an innovative cloud managed platform that leverages AI powered security cameras and smart sensors to gain critical insights into physical spaces,” said Bobby Yazdani, founder and partner of Cota Capital. “We look forward to working with the talented Rhombus team as we believe in the company's vision and expertise to address the physical security challenges today's modern organizations face.”
Rhombus is on pace to triple its revenue year over year, as it did the previous year.
“This capital will help us keep up with the unprecedented growth we’ve been experiencing this year, as well as invest in future product development,” said Garrett Larsson, CEO and co-founder of Rhombus Systems. “We’re still in the early days of a major technology shift in this industry which is really exciting to us because we see so many opportunities for innovation.”
The company is also backed by other notable investors including Uncorrelated Ventures, Portfolia, and individual investors including Michael Stoppelman (formerly of Yelp), Tim Lee (formerly of Sequoia Capital), Sharon Wienbar (formerly Scale Venture Partners), and Suresh Batchu (co-founder of MobileIron).