The safety of the herd And one of his many years of VC, Bedrock Capital, announced On Thursday that the startup raised a fresh $ 275 million with a valuation of $ 7.5 billion.
Flock produces video supervision technology with computer support used by law enforcement agencies, in addition to firms, real estate management firms and so on. It is best known for automatic technology for recognizing license plates, but Flock signifies that shot detection technology is sold to colleges, and recently purchased aerodome of a company dealing with public security drones.
Flock was founded in 2017 and passed through Y Combinator in the same yr. The increase exploded in the following years. Last yr, Flock exceeded over $ 300 million of annual repetitive revenues, i.e. 70% yr on yr, said spokesman Flock Holly Beilin, said Techcrunch.
The startup from Atlanta has now raised over $ 950 million in complete financing, According to pitchbook dataAnd his last valuation a yr ago amounted to $ 4.8 billion. Return Investors Andreessen Horowitz, Greenoaks, Meritech Capital, Matrix Partners and YC participated in this round.
Considering that he creates surveillance technology, Flock does not surprise that he had his participation in controversies. For example ACLU recalled the fears of the herd Through a type of mass supervision, he enables, and a yr ago he called the company to independently review his products. Privacy supporters in Norfolk, Virginia Currently suing To stop Flock from being implemented there.
Flock also stands in the face of an illegal lawsuit from the sitting mayor of a small town of California, as Techcrunch recently reported.
Having said, Flock has been a beloved VC for years.
For example, the founder of Bedrock, Geoff Lewis, told how he flew to Atlanta in 2018, to beg coineaerator Garrett Langley to take the A-1 series price $ 10 million, one of the first checks from the recent Lewis company. But Langley has just closed the Flock A.
This agreement was a “completely crazy” valuation of $ 60 million, like Bedrock described it – About the triple valuation of the round and just a few months earlier. Langley took the money – and since then he took over $ 164 million of investments from Bedrock.
By the way, Lewis, who got here from the Funders Fund, now has other big names in the Bedrock portfolio, corresponding to the Opeli industry, Ripling and Mach.
Meanwhile, the predominant Fund American Dynamism A16Z, David Ulevitch, led other rounds for Flock. “In addition to protecting property, FLOCK security literally helps save life”, Ulevitch and A16Z Growth VC David George Released in 2021
Garry Tan Yc just began to LinkedIn A few months ago Taming the rate of success indicator that it achieved in the fight against crime.
But this increase in Flock’s revenues, in addition to public security products, meant that investors “still doubled and tripled to the herd,” said Beilin.