Security systems maker Verkada valued at $3.2 billion after Sequoia-backed funding

(Reuters) - Security software company Verkada said on Wednesday it was valued at $3.2 billion after its latest funding round that saw investments from venture capital giant Sequoia Capital and MSD Partners, an investment firm tied to Michael Dell.

Verkada, founded in 2016, makes video security cameras, environmental sensors and alarms. It plans to use the $205 million it raised in the round for hiring and expansion, as well as developing new products, according to the company.

Tech investor Linse Capital led the round, which also saw backing from Next47, the venture firm backed by German engineering company Siemens.

Verkada said it had increased headcount by 68% and nearly doubled its total revenue in the past twelve months. It has nearly 13,000 customers, according to its website.

More startups have turned to venture funding in recent months, instead of accessing public equity markets which are reeling under pressure from aggressive moves by central banks to tame stubbornly high inflation and the Ukraine conflict.

(Reporting by Niket Nishant in Bengaluru; Editing by Shounak Dasgupta)

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