Rhombus, a leader in cloud-managed physical security, announced $45 million in Series C funding led by NightDragon (a cybersecurity, safety, security, and privacy investment firm). Bluestone Equity Partners and existing investors Caden Capital, Cota Capital, Tru Arrow Partners, and Uncorrelated Ventures participated in the round, which brings the total funding raised to over $90 million.
This funding comes as Rhombus has solidified its position as a next-generation leader in the $45 billion physical security market. And the 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’ hardware-software solution combines smart security cameras, access control, connected IoT sensors, alarm monitoring, and a console in a cloud-managed and truly open platform. The company has a growing ecosystem of over 40 integrations and can easily serve Rhombus data to other critical systems through an open API, giving organizations personalized end-to-end solutions.
This enables 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.
This new round of funding comes at a time of increased momentum for Rhombus, including:
1.) Growth to over 3,000 customers, from Fortune 500 companies to school districts and cities
2.) Over 100K devices and cameras securing thousands of locations around the world
3.) Overseeing over 5 million alerts per day to enhance customer security
Rhombus will use the new funding round to expand further its go-to-market strategy, including continued investment in its partner and developer ecosystem and expansion of its international presence. And 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.
NightDragon Managing Director Morgan Kyauk will join the Rhombus Board of Directors.
KEY QUOTES:
“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.”
- Dave DeWalt, Founder and CEO of NightDragon
“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.”
- Garrett Larsson, CEO, Rhombus
