Solink Closes US$60 Million Investment Round for Global Growth
August 21, 2023
SOLINK — Leader in cloud video surveillance systems solink.com
Ottawa-based video surveillance software company, Solink, is experiencing rapid growth and recently secured an impressive US$60 million in funding to further fuel its global expansion plans. On July 25, 2023, the company made the announcement in a press release. This investment round was led by Goldman Sachs Asset Management, along with continued support from previous investors OMERS Ventures and BDC IT Ventures. The successful raise comes after the company expanded its technology implementation to over 18,000 locations worldwide, a remarkable three-fold increase in just the past three years.
Physical security is essential to managing the operations and profitability of businesses globally. Specializing in video surveillance software, Solink’s innovative solution allows businesses in various industries, including restaurants, retail, hospitality, manufacturing, property management, and healthcare, to seamlessly upload video feeds from their existing security cameras to cloud servers. This data is then efficiently analyzed and easily accessible thanks to the powerful artificial intelligence-powered Solink software. The platform seamlessly integrates with other business tools, such as point-of-sale and inventory-tracking systems, enabling effective tracking of fraud, theft, and adherence to operational procedures. Among Solink’s customer base are prominent North American brands, including Tim Hortons, The Container Store and PGA Tour Superstore.
Solink is a leader in the Video Surveillance as a Service (vSaaS) market, which is undergoing a rapid transition to the cloud, and modernized solutions. The number of security cameras connected to the cloud globally is expanding by 80 per cent per year, according to market research firm Novaira Insights — about equal to Solink’s revenue growth rate.
“The company effectively gathers data from over 300,000 cameras utilized by nearly 1800 customers, with a predictable revenue-growth model that allows new clients to realize a positive return on investment within 30 days of subscribing to Solink services.
Solink CEO, Michael Matta, emphasised the acceleration in “plans to expand our global coverage and allow us to invest in the future of physical security through new AI-native products. Our relentless focus is on helping customers protect their People, Patrons and Profits.” The company effectively gathers data from over 300,000 cameras utilized by nearly 1800 customers, with a predictable revenue-growth model that allows new clients to realize a positive return on investment within 30 days of subscribing to Solink services.
The strategic decision to partner with Goldman Sachs as an investor reflects the company’s aspiration to elevate its position in the market and enhance its prospects. Looking ahead, this partnership could prove vital to potential future financing or go-public rounds, and global scaling efforts.
In a landscape where tech companies face ongoing uncertainty, this successful investment round showcases the continued demand from private investors for companies that exhibit strong financial health and deliver robust revenue growth. Solink’s transaction stands as a proof point to the viability and attractiveness of non-traditional SaaS models (hardware plus subscription), setting an example for generating high valuation multiples in the industry.
