Rhombus confirms $45m funding to power global expansion

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Cloud-managed physical security solutions provider, Rhombus, has announced $45m in Series C funding led by cybersecurity, safety, security and privacy investment firm, NightDragon.

Funding participants also include Bluestone Equity Partners as well as existing investors Caden Capital, Cota Capital, Tru Arrow Partners and Uncorrelated Ventures.

This round brings total funding raised to over $90m.

Rhombus’ impressive growth

According to the company, the funding comes in light of Rhombus fortifying its position as a leader in the physical security market.

Rhombus’ hardware-software solution brings together smart cameras, access control, connected IoT sensors, alarm monitoring and an intuitive console in a cloud-managed and truly open platform.

Recent corporate milestones for Rhombus include:

  • Growth to over 3,000 customers, from Fortune 500 companies to school districts and cities
  • Over 100,000 devices and cameras securing thousands of locations around the world
  • Overseeing more than 5,000,000 alerts per day to enhance customer security

Rhombus will use the funding to expand its go-to-market strategy, including continued investment in its partner and developer ecosystem as well as the expansion of its international presence.

The company will also be looking to advance internal AI and open platform capabilities.

“Massive market opportunity”

Dave DeWalt, Founder and CEO, NightDragon said: “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.”

“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,” added Garrett Larsson, CEO, Rhombus.

“Their investment validates the massive market opportunity for global physical security and accelerates our mission of making organisations safer and their spaces more intelligent,”

Morgan Kyauk, Managing Director, NightDragon will join Rhombus’ Board of Directors.