Samsara, a San Francisco-based developer of Internet-connected sensor systems, announced that it has received $40 million in Series C financing.
Venture capital firm General Catalyst led the Series C round of funding, and existing investor Andreessen Horowitz and Samsara’s founders also participated, according to the company. The round valued Samsara at over $530 million, as the company’s annual revenues grow at a rate of over 250 percent.
Samsara, which makes Internet-connected sensor systems for industrial and transportation applications, has its eyes on the $8 billion vehicle telematics market. The company said it has established a broad customer base in transportation, food and beverage, energy, and field services, and is rapidly gaining share with faster-than-market sales growth.
Samsara’s hardware-software platform combines data from sensors, GPS, cameras and mobile apps in an integrated cloud-based solution. Samsara’s technology is designed to drive operational gains ranging from safety and regulatory compliance to lower operating cost and increased customer satisfaction.
Samsara’s growing list of enterprise-scale deployments includes long-haul trucking companies, Fortune 500 food producers, passenger transit operators, local governments and public utilities, according to the company.
Samsara is well-capitalized for long-term growth, the company noted. The new financing brings the company’s total capital raised to $80 million, fueling Samsara’s accelerating growth – the 100-person company plans to double headcount to 200 by year’s end – and enabling long-term R&D investments.
“Thanks to our faster-than-market sales growth, we didn’t need additional outside funding for day-to-day operations,” said Sanjit Biswas, Samara’s co-founder and CEO. “But we believe that Samsara’s approach to IoT can have a broad impact across large markets. We’ve already seen the technology benefit customers ranging from vehicle fleet operators to water utilities to energy producers. This new financing lets us invest in long-term technology development to explore new applications for our platform.”
Samsara was founded by Biswas and CTO John Bicket, who together previously founded and led Meraki, the cloud networking technology leader that was acquired by Cisco Systems for $1.2 billion. Samsara had raised $40 million in two earlier rounds led by Andreessen Horowitz.
Taneja joins Marc Andreessen, founding partner at Andreessen Horowitz, Sanjit Biswas and John Bicket on Samsara’s board of directors.