Samsara 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.
The financing comes as Samsara, which makes Internet-connected sensor systems for industrial and transportation applications, has emerged in the vehicle telematics market. The company notes it has established a broad customer base in transportation, food and beverage, energy, and field services, and is rapidly gaining share with faster-than-market sales growth.
Samsara's complete hardware-software platform combines data from sensors, GPS, cameras, and mobile apps in an integrated, cloud-based solution. By reinvesting revenues from product sales, the company explained it had over two thirds of its Series A and Series B financing remaining on hand upon raising this round. The new financing brings the company's total capital raised to $80 million, fueling Samsara's accelerating growth – the 100-person company noted it plans to double headcount to 200 by year's end – and enabling long-term investments in research and development.
"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."