Sacramento-based smart security camera company Rhombus Systems Inc. announced it just closed a funding round in which it raised $10 million, which is expected to help the company invest in new products and hire more people.
Founded in 2016, Rhombus Systems provides cloud-managed video security and internet-connected sensors for enterprises, including school districts, health care providers, city governments and Fortune 500 companies. The company's system allows the user to utilize artificial intelligence analytics to issue alerts for specific people, objects and vehicles without taxing the system, according to its website.
The recent $10 million funding round was led by Cota Capital, along with investors MSD Partners, Lemnos and Promus Ventures.
"For us, we are a venture-backed startup. This funding helps fuel additional growth as we continue to scale, and what that means is hiring more people and investing in more products," said Garrett Larsson, CEO and co-founder of Rhombus Systems.
He declined to disclose how much equity was sold in the Series A funding round.
Rhombus currently employs about 60 people, but growth plans call for doubling that by this time next year, Larsson said. The plan is to hire across the board, including sales, marketing, and engineers.
Larsson said Rhombus also plans to release new products later this year and next year.
"(Our growth) has been pretty quick for us. It's a market that is going through a technology transition, and we believe we are at the forefront of that transition," he said.
The latest round brings Rhombus' total funding to over $20 million to date. Larsson said the company tripled its revenue last year and is looking to nearly triple it again this year. He declined to disclose Rhombus' specific revenue, though he did say the company is flirting with profitability.
"We have a lot of experience with cloud-managed security cameras and (internet-of-things) sensors, so when we grew to understand the vision of the Rhombus team, we were confident that they had a winning combination with the potential to become a great company," said Bobby Yazdani, managing partner of Cota Capital, in a news release. "We are excited that the company has packaged advanced AI capabilities with the simplicity of a consumer solution."
Other investors backing the company include Uncorrelated, Portfolia and former Sequoia Capital partner Tim Lee, according to the news release.
Rhombus Systems signed a new lease in April for an office building at 1920 20th St. in Sacramento.
