San Francisco-based startup Density secured its unicorn status on Wednesday following a fresh injection of $125 million in venture capital financing. The Series D, led by Kleiner Perkins, values the unicorn at $1.05 billion and marks the company’s first raise since July of last year. At the time, Density secured $51 million in a Series C round.
The latest investment couldn’t have come at a better time, as Density has experienced more than 500 percent growth since March of 2020, according to the company. Not only that, but the unicorn’s headcount has also skyrocketed. Density has grown its employee base by 300 percent since the top of the year.
Density’s end-to-end platform was built to help companies plan, manage and optimize their office space. The company’s technology enables enterprises to track how many employees or customers are inhabiting an enclosed space in real time. As offices around the U.S. cautiously begin to reopen, Density could be an essential tool for enterprises to stay on top of capacity restrictions.
“The emergence of hybrid work, post-pandemic, has fundamentally changed the nature and purpose of our buildings,” Andrew Farah, co-founder and CEO of Density, said in a statement. “Density customers believe this period of transition can either be a reckoning or a renaissance for the workplace.”
Instead of cameras, Density relies on its own depth sensors and deep learning algorithms to track employees anonymously. In October, the company launched a new feature for companies looking to improve or repurpose their office space. With its Heatmaps offering, companies can identify where their employees spend the most, or the least amount of time while at work.
“Over the next five years, the vast majority of the built world will be instrumented for measurement,” Farah continued. “This new infrastructure will generate reliable, real-time utilization data; it'll support the dynamic needs of hybrid work; and help design, architecture, real estate and workplace teams improve the environments and spaces we use each day.”
Following the latest raise, Density plans to rapidly expand the size of its team. The company is looking to double its headcount by the end of 2022. Density is now hiring for 47 roles across its product, marketing and engineering teams, to name a few. Nearly all of those up for grabs are available to work remote.
Density has raised more than $225 million in venture capital financing to date, according to the company.
Additional investors Altimeter Capital and Lachy Groom of LGF participated in the round, among others.
