In a significant development, Solink, a leading provider of physical security systems for businesses, has announced that it has raised $60 million in a Series C funding round led by Goldman Sachs. The investment also saw participation from Omers Ventures and BDC IT Ventures.
Growing Global Client Base and Investing in New Products
The funds raised will be used to expand Solink’s client base globally and invest in new products that meet the evolving security needs of businesses. According to Co-founder and CEO Michael Matta, "Solink’s platform meets the unique needs of different industries by offering a solution for forensic security and real-time active security monitoring."
A Solution for Forensic Security and Real-Time Active Monitoring
Matta explained in an email interview with TechCrunch that customers across various industries use Solink to maximize the value of their existing surveillance infrastructure investments. The company’s cloud-native infrastructure allows for deeper integration with other business systems, enabling new use cases and improving efficiency.
From ATM Skimming to Cloud Video Security
Solink was founded in 2010 as a consulting group to help banks and credit unions combat ATM fraud. By combining transaction activity from ATMs with security camera data, the company’s platform helped identify potential ATM skimming attacks in real-time.
In 2016, Solink expanded into cloud video security, launching a service-based offering that enriched video feeds with data from other systems, including point-of-sale systems. Today, Solink’s platform allows companies to perform a range of security monitoring tasks, such as detecting motion across cameras and navigating from one camera to another without having to know the physical site’s layout.
Customizable and Configurable
Matta explained that customers can add an unlimited number of users under one subscription and assign unique levels of permissions depending on rank and role. The system is configurable, automatically adapting as cameras are added or repositioned, and has the ability to add, remove, or modify links manually if required.
Concerns Over Data Privacy
However, concerns have been raised over data privacy in the wake of this investment. As more businesses move their security infrastructure to the cloud, there is a growing concern about how sensitive data is being handled and stored.
Market Growth for Cloud-Managed Video Surveillance
The market for cloud-managed video surveillance, also known as video surveillance-as-a-service (VSaaS), is growing rapidly. According to a report from Novaira Insights, the sector will grow to $27 billion in 2023, dominated by four suppliers: Hikvision, Dahua, Axis Communications, and Motorola Solutions.
Solink’s Future Plans
With this significant investment, Solink plans to continue expanding its global client base and investing in new products that meet the evolving security needs of businesses. With a strong focus on data privacy and security, Solink is well-positioned to capitalize on the growing demand for cloud-managed video surveillance solutions.
About Solink
Solink is a leading provider of physical security systems for businesses, with a strong focus on data privacy and security. The company has raised $90 million in venture capital to date and employs around 230 people.
Related Topics
- Enterprise
- Funding
- Goldman Sachs
- Privacy
- Security
- Solink
- Startup
- Startups
- Video