However, again, Flock lacked the proper permitting to erect these cameras. IPVM has also observed how Flock worked with a Texas police department to spread Flock cameras to local neighborhoods and agencies. Sometimes, Flock has overstepped and installed pilots without proper permitting such as in Florida, which then leads to removal and is negative for the company. However, given the key role that network effects play in Flock's success, the company has increasingly become more aggressive in marketing to local police departments and setting up essentially private-public partnerships. Since Flock Safety is a cloud LPR system operated by Flock, the more cameras that are connected, the more possibilities to analyze for crime, including connecting to neighboring polices' cameras, and to connect to criminal databases. Network Effects Attractive But Approach Riskyįlock's network effects are no doubt attractive to investors to justify such a large round of fundraising, relative to the video surveillance market. For example, Flock already launched its audio detection device, Raven, in October 2021, which Flock touted "when paired with your traditional Flock Falcon license plate reader, police can go from a gunshot fired to a suspect license plate - instantly."ĬEO Langley teased that there are "a ton of exciting updates planned for the rest of the year." We’re hiring hardware and software engineers to build devices and sensors that capture more types of evidence like gunshots or illegal street racing full-time technicians to accelerate installation and maintenance of those devices and leaders in supply chain, logistics, marketing, and government affairs.Īs Flock grows, it will expand outside of its traditional niche of LPR recognition, particularly given its strong financial backing. Engineering and technician new hires are typical, but Flock also pointed out hires in government affairs: Over the last year, Flock has most significantly expanded its engineering and support staff, with sales staff growing modestly:įlock commented on their hiring expansion. LinkedIn insights show hiring accelerated in early to mid-2021, but has slightly slowed down since: Part of this is dependent on competition (we contrast to Motorola at the end of this post).įlock more than doubled its headcount in 2021, adding 225 "full-time, fully remote employees across 35 states" which brings the current headcount to 350 people. This is incredibly high for conventional video surveillance standards and high even for tech but considering the company's incredibly high growth rate, it is certainly feasible.Įven if Flock does not triple each year going forward, and they "only" double, the company has the potential to be a multi-hundred-million dollar revenue business with substantial profits. This gives Flock an ~100:1 price to sales ratio. IPVM estimates Flock's revenue is between ~$16 million and ~$50 million, based on the 1,500 cities Flock says it is in and assuming an average number of Falcons deployed of 5 to 15 per city and ~$2,250 per camera per year:įlock's valuation is now $3.5 billion, more than doubling its valuation in July 2021 ($1.5 billion) when it raised $150 million from A16Z. While the company did not disclose revenue, we estimate 2021 revenue was in the mid-tens of millions, with Flock reporting the company "tripled our revenue for the third year in a row."įlock Safety has rapidly grown the number of cities its products are deployed in, the graph below tracks Flock's claims over the last 4 years: Oosto/Anyvision is the only comparable company in the industry that has raised a similar amount, with $235 million from SoftBank in July 2021. This level of fundraising is unparalleled in the video surveillance industry. IPVM also covered Flock's $47 million fundraise in November 2020. In all, Flock has raised ~$380 million in its 5 years as a company. Total Funds Raised Unparalleled for Video Surveillance ![]() Flock posted a video of Founder/CEO Garrett Langley speaking on Flock's 2021 achievements and announcing this newest fundraising round: $150 Million Led by Tiger Global, Now Over 2x Previous Valuationįlock announced it raised $150 million in Series E funding led by Tiger Global, a large hedge fund/VC investment firm, joined by 776 and Spark Capital. Inside this report, we examine the new funds raised, estimated revenue, Flock's current valuation, its expansion over the last year, and how it compares to Motorola who is now moving into Flock's core market. This funding puts Flock in a position to expand aggressively over the next few years. ![]() ![]() Flock has raised another $150 million USD, making it an astounding $300 million raised in the last 7 months, adding to last summer's A16Z-led $150 million round.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |