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Verkada, an emerging leader in the enterprise video security space, today announced the close of a $40 million Series B round co-led by Meritech and Sequoia, at a $540 million post-money valuation. Existing investors Next47 and First Round Capital also participated.

Konstantine Buhler, Principal at Meritech Capital, shares: “Verkada is redefining standards in the physical security industry. By combining several complex systems into an intuitive, software-driven platform, Verkada is positioned to become a leader in Enterprise IoT.”

In the past year alone, Verkada has acquired more than 1,000 clients, with over a dozen Fortune 500 companies spanning across industries such as schools, businesses, retail, hospitality, banking and healthcare.

Filip Kaliszan, Verkada’s co-founder and CEO, explains: “Enterprise video security was clearly an industry that needed improvements across reliability, user experience and design – much of what we’ve done is bring the simplicity of consumer systems to the enterprise space. By introducing smart features and making the solution cost-effective at scale, IT, Facilities and Security teams now have a resource that enables them to be more successful at their jobs.”

Not only do Verkada’s bandwidth friendly cameras offer up to 120 days of built-in storage, continuous footage can also be backed up to the cloud, eliminating any single point of failure while providing security professionals a secure and simple way to manage surveillance across locations on a centralized platform.

“Verkada is empowering companies to migrate from on-premise security cameras to a cloud-first solution. Filip and the Verkada team have designed a delightful plug-and-play camera coupled with great software that is accessible from anywhere,” said Mike Vernal, Partner at Sequoia. “A lot of magic can happen when you bring talented software and hardware people together. We found this rare combination in Verkada and are thrilled to partner with the team.”

With smart features like object detection and proactive alerting that trigger in the event of unusual activities—such as a person wandering on premise after business hours, or an unidentifiable vehicle parked in a loading dock—much of the mundane tasks associated with surveillance management are eliminated, without compromising personnel and facility safety.

Verkada’s end-to-end solution encrypts data at rest, in transit and in the cloud. The cloud-based management system integrates with most mainstream single sign-on (SSO) providers, ensuring that authorized personnel can easily access and manage cameras from a single console without having to install local software and servers.

John Spirko, Sr. Director of Loss Prevention at Equinox, shares: “There are no secrets to becoming successful with Verkada. The way the system works is effortless—from the way it’s installed, to getting it up and running. With the right equipment and the right technology, we’ve been able to drive the business forward in other departments as well.”