“The public safety operating system for cities”
- Founding: 2017
- HQ: Atlanta, GA
- Market: Public Safety Technology / AI & Surveillance (GovTech)
- Total Funding: ~$960M
- Funding Stage: Series F
- No. of Employees: ~1,600
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For most communities, the hardest part of crime isn’t reporting it — it’s solving it. The overwhelming majority of property crimes go unsolved each year, often because investigators have no objective evidence to act on. Flock Safety, an Atlanta-based public safety technology company founded in 2017, built its business around closing that evidence gap. Its network of AI-powered automated license plate recognition (ALPR) cameras, gunshot detection sensors, and increasingly its drones and video infrastructure capture the objective data that police, sheriffs, and neighborhoods use to identify suspect vehicles and clear cases. Flock reached an $8.4 billion valuation in April 2026, surpassed $300 million in annual recurring revenue, and now serves more than 5,000 law enforcement agencies across 49 states — even as its rapid expansion has made it the center of a national debate over surveillance and privacy.
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Investing in Flock Safety — What You Need to Know in 2026
Overview
- Flock Safety’s Founding
- What Flock Safety Does: Core Products and Services
- How Flock Safety Makes Money: The Business Model
- Flock Safety’s 2026 Valuation
- Why Consider Investing in Flock Safety
- Risks Associated with Investing in Flock Safety
- The Future Outlook of Flock Safety
- Frequently Asked Questions
- How Can I Invest In Flock Safety?
- Is Flock Safety Publicly Traded?
- How Can I Buy Flock Safety Stock?
- Is It Possible To Invest In Flock Safety Through ETFs or Mutual Funds?
Key Highlights
- Flock reached an $8.4 billion valuation in April 2026, following the authorization of roughly $200 million in new shares at a per-share price approximately 6% above its spring 2025 round. That round built on a $275 million Series F in March 2025 led by Andreessen Horowitz at a $7.5 billion valuation, bringing total capital raised to approximately $960 million across more than eight rounds, with repeat backing from a16z, Bedrock, Greenoaks, Matrix Partners, and Founders Fund.
- Flock surpassed $300 million in annual recurring revenue, reflecting roughly 70% year-over-year growth at the time of its 2025 raise. The company’s subscription-first model — selling “safety-as-a-service” to both public agencies and private customers — produces recurring, high-retention revenue that the private market has rewarded with a software-style valuation multiple.
- Flock’s footprint now spans more than 5,000 law enforcement agencies and over 6,000 communities across 49 U.S. states, with its camera network performing billions of vehicle scans per month. This dense, interconnected network creates a compounding data advantage — each additional camera and agency increases the value of the whole system to existing customers.
- The product suite has expanded well beyond license plate readers into gunshot detection (Raven), video surveillance, drone-as-first-responder programs that can reach a 911 scene in roughly 90 seconds, and data-sharing software such as Flock Nova — broadening the company from a single-product hardware vendor into a multi-product public safety platform.
- Flock’s scale has also drawn intense public scrutiny. In February 2026 Ring ended a partnership with Flock following public backlash, and protests took shape in Atlanta and on college campuses in April 2026 over concerns about mass surveillance and potential misuse in immigration enforcement. This controversy is a material part of the investment picture and is addressed directly in the Risk Factors section below.
Flock Safety’s Founding
Flock Safety was founded in 2017 in Atlanta, Georgia by Garrett Langley, Matt Feury, and Paige Todd — all Georgia Tech alumni. The idea came directly out of Langley’s own experience: after a string of break-ins in his Atlanta neighborhood left police without usable evidence, he learned from a detective that a license plate number is often the single most important piece of information for solving a case — but that traditional license plate reader cameras cost roughly $25,000 each, far too expensive to deploy at neighborhood scale.
Langley, an electrical engineer, set out to build a cheaper alternative. The earliest version of the product was, in his own description, little more than an Android phone in a waterproof box mounted on a pole. Co-founder Paige Todd cold-called neighborhoods to find early customers — two bought on the spot and wired money to Langley’s personal bank account — and Matt Feury, a fellow Georgia Tech computer scientist, came on to build the software. When a later round of break-ins occurred, the cameras captured the suspect vehicle and Atlanta police made an arrest, validating the model.
Garrett Langley remains CEO and is the largest individual shareholder. Flock is headquartered in Atlanta and has grown to roughly 1,600 employees. Over its first nine years the company evolved from selling cameras to homeowner associations into a vendor serving thousands of municipal police and sheriff’s departments — positioning itself as a “public safety operating system for cities.”
Explore the AI and public-safety technology portfolio — categories shaping how cities deploy data and central to TSG’s future-tech research coverage.
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What Flock Safety Does: Core Products and Services
Flock Safety helps law enforcement agencies and communities gather objective evidence about what happens on their streets — who came and went, in what vehicle, and when. It does this by combining purpose-built hardware, AI software, and a shared data network into a single platform sold on subscription. Most competitors offer a camera or a piece of software; Flock’s pitch is the integrated system.
License Plate Reader (LPR)
Flock’s flagship product is its License Plate Reader, a solar-powered, network-connected camera that reads and logs the license plate of every vehicle that passes. Its “Vehicle Fingerprint” technology goes further, identifying a vehicle by make, body type, color, and distinguishing features such as roof racks or stickers — allowing police to flag a suspect vehicle even when the plate is missing or obscured. The cameras are inexpensive relative to legacy systems, which is what allowed Flock to blanket entire neighborhoods and cities.
Gunshot Detection and Video
Flock has expanded into acoustic gunshot detection (Raven) and fixed video surveillance, positioning itself as a lower-cost alternative to incumbents in the gunfire-detection market and adding additional sensor data to its platform.
Drone-as-First-Responder and Real-Time Response
Flock has moved into aerial response, deploying drones-as-a-first-responder that can be dispatched to a 911 call and arrive on scene in roughly 90 seconds — giving agencies situational awareness before officers arrive. This extends Flock from passive evidence collection into active, real-time emergency response.
Software and Data Sharing (Flock Nova / FlockOS)
The connective tissue is software. Flock’s platform aggregates the data captured across its network and lets agencies search, analyze, and — through products like Flock Nova — share information across jurisdictions. This software layer is what turns a collection of cameras into an “operating system,” and it is the source of the recurring revenue and switching costs that underpin the valuation.
Once an agency or community builds its operations around Flock’s network and software, the accumulated historical data and cross-jurisdiction integrations make switching costly. Each new camera added anywhere in the network increases the value of the system to every existing customer — a network-effect and data-moat dynamic that pure hardware vendors struggle to replicate, and a core reason private investors have underwritten the $8.4 billion valuation.
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How Flock Safety Makes Money: The Business Model
Flock operates a subscription “safety-as-a-service” model rather than selling hardware outright. Customers pay recurring fees for cameras, sensors, software access, and data storage, which produces predictable, high-retention recurring revenue. Revenue is generated across several streams:
- Public sector subscriptions. Multi-year contracts with police departments, sheriff’s offices, and municipalities — now numbering more than 5,000 agencies. Government customers tend to renew, producing durable recurring revenue.
- Private and community subscriptions. Homeowner associations, neighborhoods, businesses, and private security operators — Flock’s original market — continue to subscribe, often feeding data into the same network that serves law enforcement.
- Platform and software expansion. As Flock adds products (gunshot detection, drones, video, Nova data-sharing), it expands revenue per customer across its installed base, with limited incremental cost per additional software seat.
Because the same network and AI models serve customers across thousands of jurisdictions, incremental cost per new customer is relatively low — a software-leverage dynamic that typically earns higher valuation multiples than hardware-only businesses. The company reported surpassing $300 million in ARR with approximately 70% year-over-year growth around its 2025 financing.
Flock Safety’s 2026 Valuation
Flock Safety’s 2026 valuation reflects diverse pricing inputs, including the company’s most recent funding activity, secondary market transactions, and ongoing commercial momentum across public-sector and private customers. Private-company shares are Level 3 “hard-to-value” assets, and pricing may vary across pre-IPO platforms, funding rounds, and fund marks.
Flock’s valuation has climbed steeply across four key milestones. The company crossed the $1 billion mark and reached unicorn status in July 2021, following a Series D led by Andreessen Horowitz. In February 2022, a $150 million Series E pushed the valuation to $3.5 billion. That figure more than doubled with the March 2025 Series F — a $275 million round again led by Andreessen Horowitz at a $7.5 billion valuation, with participation from Greenoaks Capital, Bedrock, Meritech Capital, Matrix Partners, Sands Capital, Founders Fund, Kleiner Perkins, Tiger Global, and Y Combinator. Most recently, in April 2026, Flock authorized roughly $200 million in new shares at a per-share price approximately 6% above the spring 2025 round, implying an $8.4 billion valuation per subsequent reporting.
These rounds bring total capital raised to approximately $960 million. Flock’s investor base is a concentration of large growth and venture firms, including Andreessen Horowitz (repeat lead), Greenoaks Capital, Bedrock, Matrix Partners, Meritech Capital, Sands Capital, Founders Fund, Kleiner Perkins, Tiger Global, Coatue, and Y Combinator. CEO Garrett Langley holds the largest individual founder stake.
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Why Consider Investing In Flock Safety
The information provided is intended for educational and informational purposes only. This does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Investment decisions should be made in consultation with a qualified financial professional who can assess your personal circumstances and objectives. Past performance does not guarantee future results, and all investing involves risk of loss.
Recurring-Revenue Model at Scale
Flock’s subscription model produces durable, high-retention recurring revenue — surpassing $300 million in ARR with roughly 70% year-over-year growth at its last raise. Government customers in particular tend to renew multi-year contracts, and the software layer drives the kind of recurring economics that private and public markets typically reward with higher multiples than hardware-only businesses.
Network Effects and a Compounding Data Moat
Each additional camera, sensor, and agency increases the value of Flock’s network to every existing customer. Cross-jurisdiction data sharing through products like Flock Nova deepens switching costs: once an agency’s investigations depend on Flock’s accumulated data and integrations, replacing it is costly and disruptive. This network-effect dynamic is difficult for single-product competitors to replicate.
Large, Underserved Public Safety Market
There are roughly 18,000 law enforcement agencies in the United States, the large majority of which Flock does not yet serve, plus tens of thousands of private communities and businesses. Continued product expansion into gunshot detection, video, and drones increases the revenue opportunity per customer, giving Flock both a wide and a deep growth runway in a market historically served by fragmented legacy vendors.
Platform Expansion Beyond License Plates
Flock’s move from a single-product ALPR vendor into a multi-product “public safety operating system” — spanning detection, video, aerial response, and data software — increases its strategic value and its share of agency budgets. If management executes on this platform vision, Flock’s revenue base and valuation profile could continue to scale with each added product line.
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Flock Safety Risk Factors
Note: This information is for informative purposes only and is not investment advice or a recommendation.
Investors considering an allocation to Flock Safety should weigh the company’s momentum against a real and, in Flock’s case, unusually prominent set of risks. While Flock has reached an $8.4 billion valuation, surpassed $300 million in ARR, and built a dense national network, it remains private, has limited publicly disclosed financials, and operates a business model at the center of a contentious public debate over surveillance and privacy. Before investing in Flock Safety, potential investors should evaluate several critical risks and challenges (the following examples do not encompass all potential investment risks):
Surveillance, Privacy, and Reputational Risk
Flock’s core business — a nationwide network of cameras that log vehicle movements — sits squarely in an active controversy. Critics, including civil-liberties groups, argue the system amounts to mass surveillance; in February 2026 Ring ended a partnership with Flock after backlash, and April 2026 saw organized protests outside Flock’s Atlanta headquarters and on college campuses, partly over concerns the technology could be misused in immigration enforcement. Sustained public pressure could lead some cities to suspend or cancel contracts, slow new sales, complicate fundraising, or weigh on secondary-market sentiment and pricing.
Regulatory and Legal Exposure
ALPR and biometric-adjacent surveillance technologies face an evolving and uneven regulatory landscape across federal, state, and local levels. New restrictions on data retention, vehicle tracking, cross-agency data sharing, or law enforcement use of private surveillance networks could directly constrain Flock’s products in certain jurisdictions. Litigation — including Fourth Amendment and privacy challenges — and changing public-records and audit requirements add further legal and compliance risk.
Customer Concentration in Public Budgets
A large share of Flock’s growth depends on government customers, whose spending is tied to municipal and state budget cycles, political priorities, and public sentiment. Budget pressure, leadership turnover, or policy shifts at the city or state level could slow renewals or new deployments. Contract cancellations driven by activism or political change — as already seen in some cities — represent a distinct concentration risk.
Competition and Technology Risk
Flock competes with incumbent surveillance and public safety vendors, gunshot-detection providers, video and access-control companies, and potential entrants from large technology firms. Lower-cost alternatives, commoditization of ALPR hardware, or superior AI from better-capitalized competitors could pressure pricing and growth. As with any AI- and sensor-driven business, algorithmic error, false matches, and cybersecurity vulnerabilities in a connected camera network are ongoing operational and reputational risks.
Explore AI and public-safety technology — categories central to TSG’s future-tech research coverage and subject to both meaningful opportunity and concentrated regulatory, reputational, and competitive risk.
The Future Outlook of Flock Safety
Flock Safety enters the back half of 2026 as one of the most visible — and most debated — late-stage private companies in the United States. Commercially, the trajectory is strong: more than $300 million in ARR, roughly 70% year-over-year growth at its last raise, over 5,000 law enforcement agencies and 6,000 communities served, and an expanding multi-product platform spanning license plate recognition, gunshot detection, video, drones, and data-sharing software. The company’s subscription model and dense network give it the recurring-revenue profile and data moat that private investors have rewarded with an $8.4 billion valuation.
Several near-term factors are worth watching. On the growth side: continued penetration of the roughly 18,000 U.S. law enforcement agencies, expansion of newer product lines (drone-as-first-responder, video, Nova) into the existing customer base, and any move into international markets. On the risk side: how the surveillance-and-privacy backlash evolves, whether high-profile contract cancellations spread or remain isolated, and how regulators at the state and federal level treat ALPR networks and cross-agency data sharing. The Ring partnership cancellation and the spring 2026 protests are reminders that Flock’s public reputation is now a financial variable, not just a communications matter.
Longer term, the thesis may rest on a straightforward bet: that cities and communities will continue to adopt data-driven public safety tools, and that Flock’s integrated network sits at the data layer of that shift. If Flock can keep converting agencies into long-term subscribers, expand revenue per customer through new products, and navigate the regulatory and reputational environment without losing material contracts, a step-up in valuation at the next financing or a potential IPO is a credible scenario. The bear case is equally concrete: a worsening privacy backlash, adverse regulation, or large-scale contract losses could compress growth and valuation.
Be sure to read the full disclaimer below prior to considering any investment in Flock Safety.
Frequently Asked Questions
Any mention of Flock Safety in the FAQs does not imply that we offer opportunities in Flock Safety to investors or have invested in Flock Safety directly. We may or may not own a position in Flock Safety, we may or may not provide Flock Safety opportunities to investors, or both. Any mention of TSG Capital Advisors, TSG Invest funds, or any other TSG Invest-affiliate is for purposes of addressing the questions and does not imply that we have access to or recommend Flock Safety as an investment.
The information provided is intended for educational and informational purposes only. This does not constitute investment advice, a recommendation, or an offer to buy or sell any securities.
How Can I Invest In Flock Safety?
Investing in Flock Safety stock typically requires accredited investor status. The process of buying Flock Safety stock can be complex, influenced by factors like the availability of shares, the company’s openness to adjusting its cap table, and meeting minimum investment requirements. At TSG Invest, we specialize in facilitating pre-IPO private investment opportunities. Through our affiliates, we provide accredited investors with options to acquire shares like Flock Safety directly via TSG Capital Advisors or explore ways to invest indirectly through pooled investment vehicles managed by our experienced fund managers. Discover streamlined access to pre-IPO private investment opportunities with TSG Invest.
Is Flock Safety Publicly Traded?
Flock Safety is a privately held company, and its shares are not available for purchase on public exchanges such as NASDAQ or NYSE. Accredited investors may potentially acquire Flock Safety stock via a pre-IPO broker like TSG Capital Advisors or invest indirectly through pooled investment vehicles, such as those managed by TSG Invest fund managers.
How Can I Buy Flock Safety Stock?
Flock Safety stock is only available via pre-IPO brokers and private market marketplaces. A pre-IPO broker, like TSG Capital Advisors (an affiliate of TSG Invest), can help accredited investors learn more about investing in Flock Safety and buying Flock Safety stock, including the Flock Safety stock price, the latest news about a potential Flock Safety IPO, and ways to invest in Flock Safety indirectly. Examples include investing in Flock Safety via pooled investment vehicles managed by TSG Invest fund managers.
When Will Flock Safety IPO?
As of this writing, it is unknown when Flock Safety will go public. The company has not announced an IPO timeline. While many investors anticipate a Flock Safety IPO given its $8.4 billion valuation, $300 million-plus in recurring revenue, and large public-sector customer base, it is important to understand that an IPO is not the only type of liquidity event available for private companies. Other potential outcomes include acquisition, merger, or the company continuing to raise private capital. When evaluating a Flock Safety IPO or similar venture-backed private companies, investors should also consider less favorable scenarios, such as the company remaining private indefinitely or facing business, regulatory, or reputational challenges. Stay informed about updates on a Flock Safety IPO and other potential liquidity outcomes.
Is It Possible To Invest In Flock Safety Through ETFs or Mutual Funds?
Investing in Flock Safety through an ETF or mutual fund is generally not possible, as private pre-IPO opportunities are typically not available through those channels. In the rare cases where an ETF or mutual fund does hold private company exposure, investors usually do not have the option to purchase Flock Safety stock directly, have no control over share management, and the fund’s portfolio may include other holdings that could dilute exposure to Flock Safety. To explore options for buying Flock Safety stock directly or alternative ways to invest in Flock Safety, contact TSG Invest today. For an overview of how private-market access works — including SPVs, feeder funds, and accreditation rules — please see our Pre-IPO Investing Guide.
TSG Invest is the brand name of The Spaventa Group LLC, a multi-entity financial services holding company founded in 2020 and headquartered on Long Island, New York. Through its affiliated entities — TSG Alpha Partners LLC (SEC-registered investment adviser), TSG Capital Advisors LLC (FINRA-registered broker-dealer, member SIPC), TSG Fund Management, and TSG Insurance Services LLC — TSG Invest provides family office-style wealth management, alternative investments, pre-IPO venture capital access, structured notes, hedging strategies, custom indexing, insurance solutions, and more. TSG Invest’s proprietary Venture 50 Index and TSG Vault platform provide investors with research, analysis, and access to opportunities in the pre-IPO market. Learn more about TSG Invest and our affiliated entities.
IMPORTANT DISCLAIMER FOR INVESTORS CONSIDERING INVESTING IN FLOCK SAFETY
The following material is provided by TSG Invest and its affiliates (collectively “TSG Invest”) for informational and educational purposes only. This material does not constitute an offer to sell securities or a solicitation to participate in any trading strategy. Investing inherently involves risk, including the potential loss of principal. Past performance does not guarantee future results, and market conditions can change rapidly. Different investments carry varying levels of risk. While content is compiled from sources believed reliable, TSG Invest cannot guarantee complete accuracy or completeness of information presented. All opinions, forecasts, and projections reflect our views as of the publication date. This material may contain preliminary information and forward-looking statements. Due to various factors, actual events may differ substantially from those presented. TSG Invest assumes no obligation to update forward-looking statements or opinions. TSG Invest, its officers, directors, employees, or clients may hold positions in mentioned securities or investments. Such positions may change at any time without notice. All opinions and market views are subject to change without notice. TSG Invest and its financial advisors do not provide legal, tax, or accounting advice. You should consult with legal and tax advisors before making any financial decisions. This material does not consider individual investment objectives, financial situations, or needs. Furthermore, TSG Invest does not monitor ongoing suitability, provide personalized recommendations without a formal agreement, or determine if content suits individual readers. Receipt of this material does not create an advisory relationship. Professional financial advice is recommended for your specific situation. Investors should carefully review all risks and consider their investment objectives, resources, and risk tolerance before making investment decisions. No assurance can be given that any specific investment or strategy will be profitable or suitable for any specific investor’s portfolio. Asset allocation, rebalancing, and diversification strategies do not guarantee against risk in broadly declining markets. This material is not intended as a recommendation, offer, or solicitation for the purchase or sale of any security or investment strategy. TSG Invest (d/b/a of The Spaventa Group LLC) is not a registered broker-dealer nor investment advisor. TSG Invest refers certain financial services to its affiliated broker-dealer, TSG Capital Advisors LLC (“TSGCA”) (Member FINRA/SIPC), its wholly owned registered investment advisor subsidiary, TSG Alpha Partners LLC (“TSGA”), and its wholly owned insurance agency subsidiary, TSG Insurance Services LLC (“TSGIS”). Financial Planning and Investment Advisory Services offered through TSG Alpha Partners LLC (CRD #319493). Private placements offered through TSG Capital Advisors (CRD #147509), member FINRA, SIPC. Insurance products offered through TSG Insurance Services LLC. TSG Alpha Partners, TSG Capital Advisors, and TSG Insurance Services are affiliated due to common ownership. These affiliates may take positions contrary to those discussed in this material. Private placements discussed herein are especially high-risk and illiquid investments typically only available to accredited investors under Regulation D. These securities are subject to holding period requirements, and not all private companies will succeed or go public. Independent due diligence is essential, and investors should be prepared for the possibility of total loss of investment.
RISK FACTORS RELATED TO PUBLIC SAFETY, SURVEILLANCE, AND AI TECHNOLOGY INVESTMENTS
Investments in companies developing or deploying surveillance, public safety, and artificial intelligence technologies are subject to significant risks that could result in the loss of some or all of your investment. These technologies are rapidly evolving and face substantial technological, regulatory, legal, and reputational uncertainties. Companies in this sector may be adversely affected by public opposition to surveillance, organized activism, negative media coverage, and shifting public sentiment, any of which can lead to canceled contracts, slowed sales, or impaired access to capital. The regulatory landscape for automated license plate recognition, biometric and vehicle tracking, data retention, and cross-agency data sharing is complex, uneven across jurisdictions, and quickly evolving; new laws, restrictions, court rulings, or licensing requirements could materially impact operations, increase costs, or prohibit certain products in certain markets. Companies serving government and law enforcement customers may experience revenue concentration risk and exposure to municipal and state budget cycles, political transitions, and changing public-safety priorities; loss or cancellation of major government contracts could have an outsized effect on revenue and valuation. Surveillance and AI platforms depend on extensive data collection, exposing companies to heightened cybersecurity, data privacy, civil-liberties, and litigation risk, including constitutional and statutory challenges. AI systems may produce errors, false matches, or biased outcomes that create legal liability and reputational harm. The sector faces intense competition and rapid technological change; existing technologies may be commoditized or rendered obsolete, and better-capitalized competitors may erode pricing and market share. Market valuations of private surveillance and AI companies may be influenced by sector sentiment, strategic-investor dynamics, or controversy rather than fundamental factors, potentially leading to volatile secondary-market pricing that may not reflect underlying business value. Success depends on the ability to attract and retain highly skilled technical and engineering personnel in a competitive labor market. These risk factors are not exhaustive, and other unknown or unpredictable factors could also have material adverse effects on the performance of public-safety-, surveillance-, and AI-focused investments.
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