The round was led by Energize Ventures with participation from existing investors New Enterprise Associates (NEA), Intel Capital, and others. The new financing brings total funding to $33.5 million. Building on the enterprise success of its product, Matroid plans to leverage the new funding to accelerate product development and go-to-market expansion in manufacturing, industrial IOT (IIOT), and video security markets. Within manufacturing and IIOT, Energize's corporate investors include General Electric, Schneider Electric, Caterpillar, Invenergy, and others.

Software-defined sensors that operate on imagery captured by regular cameras are quickly becoming the pinnacle sensor. Sensors are critical for many enterprises, federal agencies, and public safety organizations. But a variety of factors have limited the scope of deployments, including the complexity, corner-cases, and training costs associated with building video and machine learning pipelines of sufficient throughput, in a manner where a deployment can happen in minutes, instead of months. The Matroid product enables non-software organizations in enterprise to harness the power of software-defined sensors. Founded in 2016 by Stanford engineers and professors with world-class expertise in AI, machine learning, and computer Vision, Matroid unlocks the promise of software-defined sensors through unmatched ease of use in the entire deployment lifecycle.