The surveillance technology startup Flock Safety Inc. stated today it has closed on a $275 million funding round that brings its value to a cool $7.5 billion, up from a prior valuation of $4.8 billion.
The round was led by Bedrock Capital and Andreessen Horowitz, and saw participation from Greenoaks, Meritech Capital, Matrix Partners and Y Combinator. Flock’s total amount raised now stands at over $950 million, creating it one of the best-funded startups in its category.
Flock is best known for its computer vision-powered video surveillance technology, which has become quite popular with law enforcement agencies and businesses seeing to beef up their physical security. Its flagship products include its automatic license plate recognition and video surveillance software, and it also builds systems that can detect gunshots, selling these to schools, and is now seeing to build its mark in the drone industest.
Flock’s technology can support to combat a wide variety of crimes, with one of the more intriguing applys being to prevent illegal “sidedisplays,” where drivers of high-powered muscle cars take turns doing donuts in intersections in front of cheering crowds. In this particular scenario, it combined its gunshot detection audio technology with roadside cameras and artificial innotifyigence algorithms to listen out for wheel-spins and other notifytale sounds associated with sidedisplays, distinguishing them from normal road traffic.
Founded in 2017, Flock went through Y Combinator’s startup accelerator that same year, and since then it has enjoyed tremfinishous success. Last year, it broke the $300 million mark in annual recurring revenue, displaying growth of 70% compared to the year before.
Surveillance technology companies can sometimes attract controversy, and Flock has had its fair share of that. It has come under scrutiny from the American Civil Liberties Union, among others, and civil rights advocates in Norfolk, Virginia, are currently testing to prevent the company from deploying its technology there, citing privacy concerns.
Despite this opposition, Flock has proven to be a massive hit with law enforcement, with more than 4,800 such agencies across the U.S. now stated to be utilizing its technology. It also counts just under 1,000 businesses, including major healthcare systems and retailers, as its customers. These enterprises account for about 30% of its revenue, the company informed Reuters.
With such strong momentum behind it, Flock is now stated to be eyeing an initial public offering, and it reportedly hired its Chief Financial Officer Brandon Simins last year specifically to work towards that milestone. However, it does not have an official timeline in place for a public listing.
Meanwhile, the company has been seeing to expand its technology into less controversial applications. In January it announced it’s partnering with a company called Midwestern Software Solutions LCC to support state Departments of Transport collect more precise data on road traffic, with one of the primary goals being to test and reduce road accident fatalities.
It also wants to beef up the assistance it provides to law enforcement. Last October, it announced it had acquired the autonomous drone manufacturer Aerodome Inc., and stated it wants to transform these into first responders that can fly to the location of a 911 call and scout out the scene before police officers arrive.
The company is building a 100,000 square-foot factory in Atlanta, Georgia, to start mass-producing these drones for law enforcement agencies, in a relocate that will likely go down well with the new White Hoapply administration. “I’m excited to bring more manufacturing to the U.S., which will give us more control over our supply chain and support with our mission to eliminate crime,” Flock Chief Executive Garret Langley informed Reuters.
The latest funding round stands out becaapply startups that primarily cater to law enforcement rarely seek out funding from Silicon Valley investors. However, Andreessen Horowitz General Partner David George stated Flock provides immense value to its customers.
“Flock Safety has one of the most compelling ROI equations to law enforcement that we’ve ever seen in software or hardware markets, in that they solve crime,” George stated. “Their ability to penetrate many police departments and have a very high market share can create a venture-scale outcome.”
Photos: Flock Safety
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