- General
- September 12, 2019
- 5 minutes read
Samsara Raises $300 Million, Now Valued At $6.3 Billion
Samsara co-founder and CEO Sanjit Biswas image: TechCrunch on Flickr Samsara, an industrial IoT startup that makes fleet management hardware…
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| Samsara co-founder and CEO Sanjit Biswas
image: TechCrunch on Flickr
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Samsara, an industrial IoT startup that makes fleet management hardware and software, has announced $300 million in new funding that values it at $6.3 billion, up from $3.6 billion when it last raised funding late last year. The new funding came from Tiger Global and Dragoneer, who are new investors, alongside existing investors Andreessen Horowitz and General Catalyst. This funding included, Samsara has now raised a total of $530 million.
This funding comes as Samsara’s customer demand continues to grow. The San Francisco-based company more than doubled its customer base to 10,000 over the past year, and also expanded into 10 new countries. Samsara says its revenue grew at 200% year-over-year. With this new funding, the company plans to develop new products for customers, expand into new markets, and grow its headcount.
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| A Samsara IoT Gateway
image: Samsara
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Samsara makes complete hardware, software, and cloud solutions that enables industrial firms to monitor their fleets in real-time. The company produces custom hardware (like pictured above) alongside custom software to deliver vehicle telematics to fleet operators in real-time. Samsara solves a pain-point for fleet operators: the tracking and management of individual vehicles. To make it better, Samsara works via a cloud-based dashboard, making it easy for fleet operators to track and manage their vehicles from any device with an internet connection.
In the coming year, Samsara plans to add 1,000 new employees to accelerate its expansion into Europe, Mexico and Canada, grow its R&D team, and scale its customer support and accounts team. Samsara is in a promising market, that’s poised to account for $2.2 trillion in global economic impact by 2025, according to McKinsey.
Samsara was founded in 2015 by the co-founders of Meraki, an enterprise Wi-Fi startup that Cisco acquired for $1.2 billion. The company has offices in San Francisco, San Jose, Atlanta, and London, with 1,300 employees currently.
