As companies implement more security devices such as cameras, access control systems, intercoms and many other tools into their organizations, they are often disconnected from traditional IT and may lack any way to systematically manage the equipment. SecuriThings built a solution to solve this problem with a platform that helps construction operations understand and control what is happening on a company’s physical security devices.
Today, the company announced a $21 million Series B.
Roy Dagan, the company’s CEO and co-founder, says that while companies are spending an inordinate amount of money on this equipment, they often don’t know if it’s working at all because they lack visibility. “We’ve built the best system to help them automate the management of these devices at scale and really provide the equivalent of an IT type of system to manage these types of devices,” Dagan told TechCrunch.
The system automates a bunch of management tasks that are usually done manually, including firmware upgrades, certificate management, and rotating passwords. What’s more, it can help find and fix problems with these devices when they occur.
“It can also do things like root cause analysis. So we can tell when there’s a problem and we can tell you what’s wrong,” he said.
“You might think it’s a [camera]but it’s actually a switch and affects 15 [cameras]which are all down.
And that’s a problem because while building operations manages the broken cameras, the broken switch is in IT’s purview and they need to know about it to fix it. SecuriThings includes ways to communicate with IT about these issues.
“You can collaborate with your colleagues in IT. So it can integrate with ServiceNow or other ticketing systems … and that helps you start working better with the rest of the enterprise,” Dagan said.
He believes that despite the economic uncertainty we are seeing, his company is well positioned to deal with it. “One of the great business outcomes is really cost reduction. Because if you look at the enterprise and you look at the amount of spending that they have today on these devices and the way things are done manually and reactively, it’s almost meaningless. The savings are huge,” he said.
While he wouldn’t discuss revenue growth, he said the company currently has dozens of customers using the platform, and the number of customers has grown more than 300% year over year.
The startup currently has 70 employees with plans to add more with the new investment. He says diversity is built into the company’s values. “So it’s just part of our culture and it’s at the heart of the company. It really is, and just looking at the statistics that we have today, where 40% of management is female and 40% of the company is female… But beyond that, our HR team is constantly evaluating the numbers and looking at different opportunities and how we create that diversity even more “, he said.
Today’s investment was led by US Venture Partners (USVP) and participation from existing investors Swisscom Ventures Aleph, Firstime VC and Cresson Management. The startup reports that it has already raised a total of $39 million.