SPIDR Tech Revenue & Funding (2023)

SPIDR Tech recorded zero revenue in 2016, its first year of customer activity, because early law enforcement agencies were not yet willing to pay for the platform. The company crossed $100,000 in revenue in 2017, its first year of meaningful commercial activity. By 2021 the company had surpassed a $2 million annual run rate, which Sidhu confirmed directly during the interview.

As of 2021, SPIDR Tech served more than 60 law enforcement agencies across the United States and Canada. The sworn officer count across those customer agencies totaled in the tens of thousands, though Sidhu said he could not provide the most precise recent figure from memory.

Pricing is structured as an annual or multi-year contract based on the sworn size of the agency, meaning the total number of officers or deputy sheriffs employed, rather than on a per-seat basis. Agencies can purchase the full platform or select individual modules on an a la carte basis, such as messaging for 911 callers, crime victim notifications, surveys, or a case-status tracking module on the agency's public website. For larger agencies with 500 to 1,000 or more sworn officers, SPIDR Tech offers a three-month pilot program at a reduced cost. Sidhu indicated that a smaller agency of roughly 100 officers might pay between $10,000 and approximately $40,000 per year depending on how much of the platform it selected, implying an average contract value in the range of $10,000 for smaller customers.

SPIDR Tech generates revenue through annual and multi-year software contracts with municipal and county law enforcement agencies. Contract value is determined by the sworn size of the customer agency, with the full platform available as a bundle or individual modules available on an a la carte basis. The company does not sell on a per-seat basis because the volume of data processed is tied to the size of the agency as a whole rather than to individual officer logins.

The company reached profitability in 2020, which Sidhu confirmed during the interview. He noted that by the time of the acquisition the company did not need additional venture capital to continue growing, and that organic growth of 2 to 3 times per year was achievable without new outside funding. The company had a term sheet for a Series A round in hand at the time it chose to accept the Versaterm acquisition offer. Gross margin, burn rate, churn, LTV, CAC, and other unit economics were not discussed in the interview.

Employee headcount and team composition were not discussed in the interview beyond the reference to the founding team of three co-founders.