Rhombus Secures $26M+ in funding to Propel Cloud-Managed Physical Security Innovation

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Feb 27, 2024, 13:38 ET

SACRAMENTO, Calif., Feb. 27, 2024 /PRNewswire/ -- Rhombus, a leader in cloud-managed physical security, is excited to announce securing $26M+ in equity investments co-led by Tru Arrow and Cota Capital, and $17M in debt financing from Silicon Valley Bank, with existing investors Caden Capital and Uncorrelated Capital participating.

Physical security made modern with a unified, cloud-based system.

With over 100,000 cameras, sensors, and access control devices deployed, Rhombus is proud to protect over 30,000 locations across the globe. Rhombus' scalable infrastructure, advanced analytics, and plug-and-play integrations continue to solve for the modern-day security needs of businesses and organizations, from Fortune 500 companies to school districts and cities. "We continue to be impressed by the growth and the capital efficiency presented by Rhombus and are excited to continue to strengthen our relationship," said Julian Nash, Managing Director with SVB's Frontier Tech Group.

Additionally, in the last year, Rhombus has made outstanding progress in augmenting its ecosystem while continuing to focus on growth and optimization. Highlights include:

The launch of Access Control to provide unified building security
New smart cameras, upgraded environmental and door sensors, and a smart button
New partnerships with Omnilert, Roboflow, Singlewire's Informacast, Lumeo and Pimloc

As Rhombus continues to grow, they remain focused on producing innovative approaches to security infrastructure at scale. Pete Ignatowicz, Senior Manager of Security Services at Ameriprise Financial, praised Rhombus for its transformative impact, stating, "Pivoting to Rhombus for over 100+ locations throughout the US, EMEA, and APAC has increased our situational awareness, freed up resources and reliance on a bulky server footprint, allowing us to focus our resources on other enhancements. In short, we've gained a valuable partner in Rhombus." Rhombus offers a comprehensive suite of security solutions including advanced AI analytics, access control, and alarm monitoring. However, it is the platform's swift search and data insight tools that make Rhombus the ideal choice for large-scale deployments.

"We believe Rhombus is building a leading next-generation cloud-managed physical security platform. Most of the market has yet to transition to a modern solution supplied by a US-based vendor, presenting a substantial opportunity for Rhombus's open architecture approach," said Adam Silverschotz, Co-Founder of Tru Arrow Partners. "We are encouraged by Rhombus's portfolio extension beyond cameras into Access Control, as well as the company's continued expansion across Western markets. This investment is the beginning of a long-term partnership."

The platform's simplified management features enable efficient multi-camera investigations and smart searches, saving time and enhancing security. Advanced analytics, powered by machine learning, deliver real-time notifications for faces, vehicles, and more. The company also emphasizes a customer-centric approach, providing custom solutions, industry-leading support, and a long-term partnership commitment. Rhombus values innovation, integrity, and simplicity, aiming to make physical security stress-free while maintaining high ethical standards.

"This capital infusion is a testament to the trust and confidence our investors and customers place in our vision. With this funding, Rhombus is poised to continue our trajectory of rapid growth" said Garrett Larsson, CEO of Rhombus. "The opportunities are vast, and we are committed to leveraging this capital to pioneer innovative solutions, forge strategic partnerships, and further solidify our position as a leader in the industry."

About Rhombus

Rhombus is a unified, cloud-based physical security platform that brings security cameras, access control, sensors, alarms, and integrations together under a single pane of glass. Backed by Cota Capital, Caden Capital, Tru Arrow Partners, Lemnos Labs, and Promus Ventures, Rhombus is on a mission to make the world safer with simple, smart, and powerful physical security solutions. To learn more, visit rhombus.com.

About Cota Capital

Cota Capital backs the bold. Cota is a technology investment firm that partners with exceptional teams to build and grow timeless companies that enable the future. Cota delivers Knowledge Capital, a differentiated combination of deep operational expertise, know-how, impactful and data-driven market insights and intelligence, and a vast industry network. Together, these elements are put to work to empower Cota entrepreneurs to execute their vision, unlock scale, minimize risk, and bring enduring ideas to life. For more information, please visit www.cotacapital.com

About Tru Arrow Partners

Tru Arrow Partners is an investment firm based in New York, formed specifically to partner with leading families from around the world. The firm's focus is on private growth technology companies primarily in the global internet, software, consumer, and fintech industries. The firm was founded by Glenn Fuhrman, James Rothschild and Adam Silverschotz. Prior to launching Tru Arrow, Glenn co-founded MSD Capital, L.P., the private investment firm for Michael Dell, the founder and CEO of Dell Technologies, and from 1998 through 2019 served as its Co-Managing Partner. James was co-founder and Managing Partner of West Arrow, a Partner at Lepe Capital and has directed his family investment vehicles for over 15 years. Adam was previously a Partner at TCV, and before that a Managing Director at Coatue based in Hong Kong.

Contact Information:
Rhombus
Sarah Lathe
[email protected]
(650) 826-2764

SOURCE Rhombus