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Ottawa video surveillance company Solink raises US$60M investment

Solink announced it has closed US$60 million in a Series C investment round. The round was led by the Growth Equity business within Goldman Sachs Asset Management with participation from the company’s existing investors, OMERS Ventures and BDC IT Ventures. The investment from Goldman Sachs comes from its recently launched US$5.2B growth equity fund.

Solink’s Video Management System (VMS) uses customers’ existing security cameras to make them searchable and accessible in the cloud. The market for cloud-managed video surveillance, also known as Video Surveillance as a Service (VSaaS), is expected to grow at 80% per year, according to market analyst firm Novaira Insights.

Solink serves more than 18,000 locations worldwide, with customers including Tim Hortons, The Container Store, PGA TOUR Superstore and other retailers, restaurants, financial services, healthcare providers, and more.

“This investment will accelerate our plans to expand our global coverage and allow us to invest in the future of physical security through new AI-native products,” said Michael Matta, CEO, Solink, in a statement.

“Physical security is essential to managing the operations and profitability of most enterprises and small businesses globally. After conducting a deep dive in the physical security and VSaaS space, our team identified Solink as the up-and-coming leader in a market undergoing a rapid transition to the cloud and modernized solutions. Goldman Sachs is excited to partner with Mike Matta and the Solink team as they continue to gain market share due to their deep commitment to innovation, unwavering focus on customers, and a product that is a step ahead,” said Mike Reilly, a vice-president in the growth equity business within Goldman Sachs Asset Management.