Security technology startup Verkada has reached a $5.8 billion valuation after a new funding round led by CapitalG, Alphabet's venture capital arm, announced Wednesday.
"I think Google saw the opportunity with us in the application of AI and everything we're driving to apply AI to the physical security industry," CEO Filip Kaliszan told CNBC's Deirdre Bosa.
The company said in a release that the investment will be used to bolster its artificial intelligence capabilities and provide liquidity.
The financing totaled $100 million, a person familiar with the terms of the round told CNBC, raising the company's valuation by $1.3 billion from its Series E funding in February. The person asked not to be named in order to discuss details of the funding.
CapitalG also recently contributed to a $435 million fundraise for cybersecurity startup Armis in November.
The new funding comes as Verkada surpasses $1 billion in annualized bookings across 30,000 customers globally.
The company develops physical security products, including cameras, alarms and sensors, that are connected under a single cloud-based software platform.
Kaliszan said his company serves a broad span of businesses, such as retailers, government properties, schools, and transportation.
For example, TeraWatt Infrastructure, which supplies charging sites to electric vehicles like Google's Waymo, uses Verkada technology to protect EV facilities.
In September, the company rolled out over 60 new AI features and platform updates, including tools like "AI-Powered Unified Timeline."