In 2019, Forbes included Verkada in its Next Billion Dollar Startups list, as well as that year's AI 50 list of most promising artificial intelligence companies. In April of that year, the company announced a $40 million Series B funding round, which valued the company at $540 million.

In January 2020, the company raised $80 million in a Series C funding round led by Felicis Ventures, giving the company a $1.6 billion valuation. In spring 2020, the company launched its first access control