TMCnet News
Industrial IoT Company Samsara Raises $40M in Series C Growth FinancingSAN FRANCISCO, June 21, 2017 /PRNewswire/ -- Samsara, the leader in Internet-connected sensor systems, today announced $40 million in Series C financing led by General Catalyst, with participation from existing investor Andreessen Horowitz and Samsara's founders. The round valued Samsara at over $530 million as the company's revenues grow in excess of 250% annually. Capital raised on explosive growth in commercial fleet market Samsara's complete hardware-software platform combines data from sensors, GPS, cameras, and mobile apps in an integrated, cloud-based solution. Samsara's technology drives operational gains ranging from safety and regulatory compliance to lower operating cost and increased customer satisfaction. Samsara's growing list of enterprise-scale deployments include long haul trucking companies, Fortune 500 food producers, passenger transit operators, local governments, and public utilities. Funding to accelerate growth, fuel long-term Ramp;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." Building on a history of innovation "The traction and acceleration of growth that Samsara has seen are impressive but not at all surprising. The team is successfully replicating the playbook they developed at Meraki in an even bigger market," said Hemant Taneja, Managing Director at General Catalyst. "Their ambitious vision of the 'industrial internet' is already delivering significant value to the industrial businesses that power our economy and they're just getting started. We're incredibly happy to be on board." Taneja joins Marc Andreessen, founding partner at Andreessen Horowitz, Sanjit Biswas, and John Bicket on Samsara's board of directors. About Samsara To request a free trial, visit www.samsara.com. About General Catalyst
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/industrial-iot-company-samsara-raises-40m-in-series-c-growth-financing-300477294.html SOURCE Samsara |