Flock Safety Secures $275M Funding Round, Soaring to $7.5B Valuation as Y Combinator’s Top Police Surveillance Innovator
Flock Safety, a pioneering startup in video surveillance technology, has successfully raised a substantial $275 million in funding, reaching a remarkable valuation of $7.5 billion. This latest investment round, led by long-time venture capital partner Bedrock Capital, underscores the growing importance of computer vision-enabled surveillance in enhancing public safety.
About Flock Safety
Founded in 2017 and an alumnus of Y Combinator, Flock Safety specializes in advanced video surveillance solutions used by law enforcement agencies, businesses, and property management firms. The startup is primarily recognized for its automatic license plate recognition technology, but it also offers gunshot detection systems targeted towards educational institutions. Recently, Flock expanded its portfolio by acquiring the public safety drone company, Aerodome.
Rapid Growth and Financial Success
Flock has witnessed remarkable growth, surpassing $300 million in annual recurring revenue last year, which marks an impressive 70% increase year-over-year, according to spokesperson Holly Beilin. The Atlanta-based company has now accumulated over $950 million in total funding, with its previous valuation standing at $4.8 billion just a year ago. Notable investors in this round include Andreessen Horowitz, Greenoaks, Meritech Capital, Matrix Partners, and Y Combinator.
Controversies Surrounding Surveillance Technology
As a leading provider of surveillance technology, Flock has faced various controversies. The ACLU has raised concerns regarding potential mass surveillance and has urged Flock to allow independent reviews of its products. Currently, privacy advocates in Norfolk, Virginia, are involved in a lawsuit aimed at halting Flock’s deployment in the area.
Additionally, Flock is dealing with a wrongful termination lawsuit from a sitting mayor of a small California town, as reported by TechCrunch.
Investor Enthusiasm and Future Prospects
Despite the controversies, Flock continues to attract significant investment. Bedrock Capital’s founder, Geoff Lewis, recalls his efforts to secure a $10 million Series A-1 investment in 2018, which ultimately led to a substantial funding partnership. Flock’s valuation during that round was described as “totally insane,” reaching $60 million, nearly three times the valuation just a few months earlier.
Lewis’s firm, Bedrock Capital, has since invested over $164 million in Flock. Other prominent names in Flock’s investor roster include OpenAI, Rippling, and Mach Industries, thanks to Lewis’s previous experience with Founders Fund.
Contributions to Public Safety
Flock’s impact on public safety is notable. David Ulevitch, lead of a16z’s American Dynamism fund, highlighted how Flock is not only protecting property but also working to save lives. In 2021, Ulevitch, along with a16z growth VC David George, praised Flock’s contributions to reducing crime rates.
Garry Tan from Y Combinator recently commended Flock’s success rate in combating crime on LinkedIn. Flock’s impressive revenue growth and its suite of public safety products have encouraged investors to continue to “double and triple down” on their support for the company, as noted by Beilin.
For more information about innovative surveillance solutions and their impact, visit our Surveillance Solutions page or read about the advancements in public safety technology on Forbes.
