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
SACRAMENTO, Calif., July 30,
2024 /PRNewswire/ -- 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.
About Rhombus
Rhombus is an open, cloud-managed physical security platform
that brings security cameras, access control, sensors, alarm
monitoring, and integrations together under a single pane of glass.
Backed by NightDragon, Bluestone Equity Partners, Cota Capital,
Caden Capital, Tru Arrow Partners, and Uncorrelated Ventures,
Rhombus is on a mission to make the world safer with simple, smart,
and powerful physical security solutions. To learn more, visit
www.rhombus.com.
About NightDragon
NightDragon is an investment and advisory firm focused on growth
and late-stage investments within the cybersecurity, safety,
security and privacy industries. Its platform and vast industry
network provide unparalleled threat insights, deal flow, market
leverage and operating expertise to drive portfolio company growth
and increase shareholder value. Founded by Dave DeWalt, the NightDragon team has more than
25 years of operational and market expertise leading technology
companies such as Documentum, EMC, Siebel Systems (Oracle), McAfee,
Mandiant, Avast and FireEye. Read more about NightDragon at
www.nightdragon.com.
About Bluestone Equity Partners
Headquartered in New York City,
Bluestone Equity Partners is a private equity firm harnessing a
unique combination of blue-chip business and investing experience,
coupled with deep industry ties, to forge highly strategic capital
partnerships with established Sports, Media & Entertainment
businesses and properties. Led by Founder & Managing Partner
Bobby Sharma, Bluestone strives to partner with exceptional
management teams and rights holders seeking growth and scale on a
global basis.
For more information,
visit www.bluestoneequity.com and @bluestoneequity on
LinkedIn.
Contact Information:
Rhombus
VP of Marketing
Martín Padilla
martin.padilla@rhombus.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/rhombus-announces-45m-series-c-funding-to-extend-global-footprint-led-by-nightdragon-302210128.html
SOURCE Rhombus