SAN FRANCISCO, Sept. 10, 2019 /PRNewswire/ -- Samsara, the leader in Industrial IoT, has announced $300 million in new funding to accelerate the company's growth. The funding comes from new investors Tiger Global and Dragoneer, along with existing investors Andreessen Horowitz and General Catalyst. The round values Samsara at $6.3 billion, and brings the total funding raised to $530 million.
The funding comes as demand from customers continues to surge. Over the past year, Samsara more than doubled their customer base to 10,000, and expanded into 10 new countries, all while growing revenue at over 200% annually. With this capital, Samsara will develop new products for customers, expand into new geographical markets, and grow the team to continue delivering a great customer experience as the company scales.
"Our customers build and maintain the infrastructure critical to billions of people around the world -- everything from helping provide water and food, to construction materials and energy. But even though these industries are critical, they haven't benefited from software and cloud like the world of IT has. We are changing that," said Sanjit Biswas, co-founder and CEO of Samsara. "Samsara's approach is to use the Internet of Things to help increase the efficiency, safety, and sustainability of industrial operations. As Samsara has grown, we've continued to discover new opportunities to innovate on behalf of our customers, and this investment will enable us to further expand the solutions that we can provide to them."
Enabling a more efficient, safer, and more sustainable economy with Industrial IoT
Samsara serves customers in operational industries from transportation and logistics to field services, food production, energy, construction, local governments, and manufacturing. These industries form the foundation of our economy; yet with assets and workers distributed across remote and often rugged environments, they have long been underserved by technology. But that is changing.
The Internet of Things (IoT), driven by advancements in wireless data, cameras, cloud computing, and AI, is enabling these physical operations to adopt technology in powerful ways. In fact, McKinsey predicts that Industrial IoT will provide over $2.2 trillion in global economic impact by 20251. As operators realize the benefits of IoT for their workers, their customers, and their bottom line, adoption is surging.
A complete hardware + software + cloud platform bringing IoT to operations of all sizes
Samsara makes complete hardware, software, and cloud solutions that bring real-time visibility, analytics, and AI to operational customers of all sizes. Customers manage their operations in real-time from Samsara's cloud-based dashboard, leveraging integrated software to lower fuel consumption, reduce emissions, prevent accidents, automate manual processes, improve quality, and avoid downtime.
The company's growing suite of solutions include vehicle telematics, driver safety, mobile workflow and compliance, asset tracking, and industrial process controls -- all in an integrated, open, real-time platform.
Here are just some examples of how Samsara's 10,000+ customers have transformed their operations:
- Reducing environmental impact at the City of Fort Lauderdale: 1,700 citywide vehicle fleet has decreased fuel consumption by 5%, achieving the carbon emissions impact of planting nearly 20,000 trees while saving taxpayer dollars.
- Keeping drivers safe at Simco Logistics: With dash cameras and AI-based driver coaching software, Simco reduced their distribution fleet's accident rate by over 50%, reducing insurance premiums while helping their drivers come home safely.
- Improving customer service at San Jose Water Company: Real-time visibility into pumps and water equipment has informed capital planning and delivered better customer service for their 1 million customers.
- Increasing efficiencies at Collins Earthworks: Leading UK-based construction company uses Samsara's fuel usage reports to calculate exactly how load weight influences fuel usage on trips, leading to better cost estimates for loads.
Investing for the long term
With a sustainable business model and a fast-growing base of happy customers, the funding will enable new long-term investments. In the coming year, Samsara will add 1,000 new employees to:
- Accelerate our expansion into Europe, Mexico, and Canada
- Grow our R&D team to build new products for our customers
- Scale our support and account teams to maintain a great customer experience as we grow
"Samsara has a unique ability to see 15 years ahead and plan for that future, while also executing at a pace that I've rarely seen before. In less than five years they've successfully created multiple product lines addressing diverse industries and geographies," said Hemant Taneja, managing director at General Catalyst. "Samsara is targeting a massive opportunity -- operations represents over 20 percent of GDP. What they've already created is impressive but in 10 years we'll look back and see that, where Samsara is today, was just the beginning."
For more information on Samsara and this round of funding, please visit: www.samsara.com and https://www.samsara.com/blog/expanding-our-impact-on-the-operations-that-power-our-economy-with-usd300.
Samsara is the leader in Industrial IoT. Our mission is to increase the efficiency, safety, and sustainability of the operations that power our economy. Samsara's portfolio of complete IoT solutions combine hardware, software, and cloud to bring real-time visibility, analytics, and AI to operations. We serve over 10,000 customers across diverse sizes and industries, from transportation and logistics to field services, food production, energy, construction, local governments, and manufacturing. Samsara's growing suite of solutions includes vehicle telematics, driver safety, mobile workflow and compliance, asset tracking, and industrial process controls - all in an integrated, open, real-time platform. Samsara was founded in 2015 by the co-founders of Meraki, now part of Cisco Systems. Our fast-growing team of 1,300 employees is headquartered in San Francisco with offices in San Jose, Atlanta, and London. Samsara has raised over $530M from Andreessen Horowitz, General Catalyst, Tiger Global, and Dragoneer. Learn more at www.samsara.com.
1 Source: McKinsey, Unlocking the Potential of IoT. Categories included: factories, outside, work sites, vehicles.