Flock Safety and certainly one of its long-time VCs, Bedrock Capital, announced Thursday that the startup raised a recent $275 million at a $7.5 billion valuation.
Flock makes laptop vision-enabled video surveillance know-how utilized by regulation enforcement in addition to companies, property administration corporations, and so forth. It’s greatest identified for its computerized license plate recognition tech, however Flock additionally makes gunshot detection tech marketed to colleges, and lately acquired public security drone firm Aerodome.
Flock was based in 2017 and went by means of Y Combinator that very same 12 months. Development exploded within the subsequent years. Flock crossed over $300 million in annual recurring income final 12 months, which is 70% year-over-year progress, Flock spokesperson Holly Beilin instructed TechCrunch.
The Atlanta-based startup has now raised over $950 million in complete funding, according to Pitchbook data, and its final valuation a 12 months in the past was $4.8 billion. Return traders Andreessen Horowitz, GreenOaks, Meritech Capital, Matrix Companions, and YC participated on this spherical.
On condition that it makes surveillance tech, Flock has unsurprisingly had its share of controversies. For example, the ACLU cited concerns with Flock over the form of mass surveillance it allows and, a 12 months in the past, urged the corporate to permit unbiased evaluate of its merchandise. Privateness advocates in Norfolk, Virginia are currently suing to cease Flock from being deployed there.
Flock can be going through a wrongful termination lawsuit from a sitting mayor of a small California city, as TechCrunch lately reported.
That mentioned, Flock has been a VC darling for years.
For example, Bedrock’s founder, Geoff Lewis, recounted how he flew to Atlanta in 2018 to beg Flock co-founder Garrett Langley to take a $10 million Sequence A-1, one of many first checks from Lewis’ new agency. However Langley had simply closed Flock’s Sequence A.
That deal was a “completely insane” $60 million valuation, as Bedrock described it — about triple the valuation of the A spherical only a few months earlier. Langley took the cash — and has gone on take over $164 million in investments from Bedrock since.
By the way in which, Lewis, who hailed from Founders Fund, now has different massive names in Bedrock’s portfolio, like OpenAI, Rippling, and Mach Industries.
In the meantime, a16z’s American Dynamism fund lead, David Ulevitch, led different rounds for Flock. “Past defending property, Flock Security is actually serving to to save lots of lives,” Ulevitch and a16z progress VC David George opined in 2021.
YC’s Garry Tan took to LinkedIn simply a few months ago to applaud the success fee Flock claims it has achieved in preventing crime.
However it’s Flock’s income progress, along with its public security merchandise, that’s brought about traders to “proceed to double and triple down on Flock,” Beilin mentioned.