Rhombus secures $26M+ in funding to propel cloud-managed physical security innovation
SACRAMENTO, Calif., Feb. 27, 2024 -- Rhombus, a leader in cloud-managed physical security, is excited to announce securing $26M+ in equity investments co-led by Tru Arrow and Cota Capital, and $17M in debt financing from Silicon Valley Bank, with existing investors Caden Capital and Uncorrelated Capital participating.
With over 100,000 cameras, sensors, and access control devices deployed, Rhombus is proud to protect over 30,000 locations across the globe. Rhombus' scalable infrastructure, advanced analytics, and plug-and-play integrations continue to solve for the modern-day security needs of businesses and organizations, from Fortune 500 companies to school districts and cities.
"We continue to be impressed by the growth and the capital efficiency presented by Rhombus and are excited to continue to strengthen our relationship," said Julian Nash, Managing Director with SVB's Frontier Tech Group.
Additionally, in the last year, Rhombus has made outstanding progress in augmenting its ecosystem while continuing to focus on growth and optimization. Highlights include:
- The launch of Access Control to provide unified building security
- New smart cameras, upgraded environmental and door sensors, and a smart button
- New partnerships with Omnilert, Roboflow, Singlewire's Informacast, Lumeo and Pimloc
As Rhombus continues to grow, they remain focused on producing innovative approaches to security infrastructure at scale. Pete Ignatowicz, Senior Manager of Security Services at Ameriprise Financial, praised Rhombus for its transformative impact, stating, "Pivoting to Rhombus for over 100+ locations throughout the US, EMEA, and APAC has increased our situational awareness, freed up resources and reliance on a bulky server footprint, allowing us to focus our resources on other enhancements. In short, we've gained a valuable partner in Rhombus."
Rhombus offers a comprehensive suite of security solutions including advanced AI analytics, access control, and alarm monitoring. However, it is the platform's swift search and data insight tools that make Rhombus the ideal choice for large-scale deployments.
"We believe Rhombus is building a leading next-generation cloud-managed physical security platform. Most of the market has yet to transition to a modern solution supplied by a US-based vendor, presenting a substantial opportunity for Rhombus's open architecture approach," said Adam Silverschotz, Co-Founder of Tru Arrow Partners. "We are encouraged by Rhombus's portfolio extension beyond cameras into Access Control, as well as the company's continued expansion across Western markets. This investment is the beginning of a long-term partnership."
The platform's simplified management features enable efficient multi-camera investigations and smart searches, saving time and enhancing security. Advanced analytics, powered by machine learning, deliver real-time notifications for faces, vehicles, and more. The company also emphasizes a customer-centric approach, providing custom solutions, industry-leading support, and a long-term partnership commitment. Rhombus values innovation, integrity, and simplicity, aiming to make physical security stress-free while maintaining high ethical standards.
"This capital infusion is a testament to the trust and confidence our investors and customers place in our vision. With this funding, Rhombus is poised to continue our trajectory of rapid growth" said Garrett Larsson, CEO of Rhombus. "The opportunities are vast, and we are committed to leveraging this capital to pioneer innovative solutions, forge strategic partnerships, and further solidify our position as a leader in the industry."
