Hivewatch Secures $20M Series A Funding - Security Week

HiveWatch Secures $20 Million in Series A Funding

HiveWatch, a Los Angeles-based startup specializing in enhanced physical security through multi-sensor fusion, has successfully raised $20 million in Series A funding. The investment round was spearheaded by Dick Costolo and Adam Bain.

Former Twitter Executives Invest in Security Innovation

Costolo and Bain, previously holding the positions of CEO and COO at Twitter respectively, were drawn to HiveWatch due to their firsthand experience with the challenges of scaling physical security programs. They recognized a critical need for improvement in this area.

Bain, now a managing partner at venture and advisory firm 01A alongside Costolo, emphasized the paramount importance of employee safety. He stated that companies will invest significantly to protect their workforce, but current security solutions are often inadequate.

Addressing the Limitations of Existing Security Systems

Bain highlighted that existing enterprise physical security products are frequently outdated and lack integration. This disconnect hinders rapid and effective incident response. The potential of HiveWatch’s approach was immediately apparent to both Costolo and Bain.

HiveWatch aims to modernize physical security for organizations. Their platform leverages sensor fusion – the integration of data from various sensors – and machine learning to provide security operators with actionable intelligence.

From Reactive to Proactive Security

By consolidating data from diverse monitoring systems and security sensors, HiveWatch empowers organizations to transition from solely reactive security measures to proactive threat identification. This allows for the design of programs that anticipate and prevent incidents.

According to HiveWatch CEO and founder Ryan Schonfeld, many companies attempting to address physical security fall into one of two categories. Some prioritize technology advancement above all else, while others lack the technological expertise to implement effective solutions.

Bridging the Gap Between Technology and Security

Schonfeld explained that HiveWatch uniquely bridges this gap. The company has assembled a team of both skilled technologists and experienced security professionals. This allows them to not only develop advanced technology but also to gather valuable data from existing systems.

The goal is to enable security leaders to continuously refine their programs based on real-world data. Schonfeld believes that identifying program flaws only after an incident occurs is unacceptable.

Investment Details and Future Plans

This Series A funding round follows a $5 million seed raise secured less than a year prior. Additional investors included Lachy Groom, Elad Gil, Penny Jar Capital, and early HiveWatch backers Crosscut Ventures, Freestyle Capital, and SaaS Ventures.

Schonfeld, formerly a consultant for the U.S. Department of State, stated that the new funds will be allocated to enhancing the customer experience and building a diverse and inclusive engineering team.