Rhombus Announces $45M Series C Funding to Extend Global Footprint, Led by NightDragon. New funding with participation from Bluestone Equity Partners will expand proven go-to-market strategy and further enhance product capabilities at a time of increased momentum.
Rhombus, a leader in cloud-managed physical security, today announced $45 million in Series C funding led by NightDragon, a dedicated cybersecurity, safety, security and privacy investment firm, with participation from Bluestone Equity Partners, and existing investors Caden Capital, Cota Capital, Tru Arrow Partners, and Uncorrelated Ventures. The round brings total funding raised to over $90 million.
Capital raised on rapid growth in the cloud-managed physical security market
The funding comes as Rhombus has fortified its position as a next-generation leader in the $45 billion physical security market. Demand continues to surge as more organizations look to make the shift from complex legacy systems to fully integrated solutions that leverage the power of the cloud and advanced analytics for enhanced security, safety, and operational efficiencies.
Rhombus' complete hardware-software solution combines smart security cameras, access control, connected IoT sensors, alarm monitoring, and an intuitive console in a cloud-managed and truly open platform. A growing ecosystem of over 40 integrations, along with the ability to easily serve Rhombus data to other critical systems through an open API, arms organizations with personalized end-to-end solutions. This allows users to see, understand, and respond to critical events unique to their operations – whether they are a school taking proactive steps against gun-related violence, a retailer tackling loss prevention, or a construction business tracking high-value equipment.
"Physical security is entering a new era, where it is possible to have smarter, safer spaces through the power of connected systems, cloud platforms, artificial intelligence, and more. NightDragon is proud to lead an investment in Rhombus, which is enabling this transformation through its innovative, leading technology and open platform approach to better secure our world for tomorrow,"
said Dave DeWalt, Founder and CEO of NightDragon.
Funding to expand go-to-market strategy and technology investments
The new round of funding comes at a time of increased momentum for Rhombus, including:
- Growth to over 3,000 customers, from Fortune 500 companies to school districts and cities
- Over 100K devices and cameras securing thousands of locations around the world
- Overseeing 5M+ alerts per day to enhance customer security
Rhombus will use the new funding to further expand its go-to-market strategy, including continued investment in its partner and developer ecosystem and expansion of its international presence. Additionally, it will continue advancing internal artificial intelligence and open platform capabilities. As an investor, NightDragon will support these efforts through its proprietary NightScale platform, which includes partnerships, playbooks, people, and platforms for growth.
"We are excited to bring on additional strategic investors, like NightDragon and Bluestone, who bring a wealth of industry experience which will accelerate Rhombus' go-to-market and product capabilities. Their investment validates the massive market opportunity for global physical security and accelerates our mission of making organizations safer and their spaces more intelligent,"
said Garrett Larsson, CEO, Rhombus.
NightDragon Managing Director Morgan Kyauk will join the Rhombus Board of Directors.
Source: Rhombus