Density, a startup tracking head counts, has raised $51 million from Kleiner Perkins and Dick Costolos’ 01 Advisors.
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Signs that limit the number of people in a store have become endemic in the pandemic.
Now a startup that automatically monitors indoor headcounts has raised $51 million as restrictions on gatherings usher in a fresh wave of demand for the business.
San Francisco-based Density, which uses sensors to monitor the number of people entering and exiting a room or building, announced Tuesday that it raised the Series C funding with Kleiner Perkins leading the round and substantial capital from 01 Advisors. Other investors included Upfront Ventures, Founders Fund, Ludlow Ventures, Launch, DTA, Alex Rodriguez, LBC Ventures, and Julia and Kevin Hartz, as well as Cyan and Scott Banister.
Prior to the pandemic, Density’s main pitch was space optimization: Using its sensors and software, businesses and real estate investors could analyze which commercial properties were being under-used and cull wasted rentals and buildings. For those who know the pain of lining up at the Department of Motor Vehicles, the startup may also be remembered as one that sought to kill lines at the DMV.
“Prior to COVID, this was an important and material thing for those that led large real estate portfolios,” says CEO and co-founder Andrew Farah regarding headcount control. “In the pandemic, this is a mainstream issue.”
Businesses such as manufacturing, food production, and shipping logistics are still bringing workers to work—all sectors where Density says it has experienced a flood in inquiries. In one case, says Farah, a meat plant became a customer after two coronavirus outbreaks led the factory to seek ways to limit its worker concentration. Stores are also using Density to display the number of people inside with iPads at the door.
While Farah declined to give specifics on revenue and valuation, he says new bookings grew 493% in the quarter beginning February compared to the quarter prior.
There are ways to trick the technology, says Farah. Pop up an umbrella. Or, if you feel so inclined, walk under a sensor under all fours and you might just fulfill your childhood fantasy of becoming a dog—at least in a machine’s eyes. But these, says Farah, are “edge cases.” Read more.
Don’t miss this story from last week: The name may not ring bells for many, but it’s one that rings loud in fintech. Ribbit Capital, a venture capital firm that invests in financial technology startups (such as Robinhood, Hippo Insurance, Revolut, and Chainalysis), is planning to raise a $600 million blank-check company, according to the Financial Times. The deal, per the report, could be announced as soon as early August.
What makes this particular SPAC deal interesting, if it goes through: Sure, Dragoneer, another investor in the venture space, recently filed to raise a multimillion blank-check company too. But unlike Dragoneer, a growth-stage investor known for investing both in public and private markets, Ribbit is generally known as an early-stage player. Which would make a $600 million SPAC—which historically represents a fraction of the actual size of the company it will acquire—a first. The press-shy firm also filed to raise $420 million for its sixth flagship fund in January.
Lucinda Shen
Twitter: @shenlucinda
Email: lucinda.shen@fortune.com
