Eagle Eye Networks Raises $40M in Series E Funding
Eagle Eye says the investment will be used to accelerate global expansion and AI investment for its Cloud-based video surveillance platform.
AUSTIN, Texas — Eagle Eye Networks has raised $40 million of Series E funding from venture capital firm Accel to continue its growth and expand its technology leadership.
Eagle Eye is leveraging artificial intelligence (AI) on its Cloud platform to dramatically reshape video surveillance and improve safety, security, operations and customer service for businesses around the world, according to an announcement.
The company states that while video surveillance systems can have multiple security features, such as motion detection and standard analytics, these systems require either monotonous monitoring or a meticulous manual review after each triggered event to extract useful information. Similarly, business operations analytics are still in early development.
“There is a tremendous opportunity to leverage AI and alter the very nature of video surveillance,” says Dean Drako, founder and CEO of Eagle Eye Networks. “Eagle Eye Networks now has the means and the technology to enable Cloud video surveillance to transform how companies manage security and business operations, in the same way self-driving and electric cars are transforming transportation.”
He continues, “Ultimately, smart Cloud video surveillance with appropriate privacy and cybersecurity protections will make business and communities much safer, for example: detecting dangers such as weapons, erratic driving, active robberies and traffic accidents. Furthermore, businesses will analyze their customer service and retail operations to provide a significantly better customer experience, and manufacturers will provide higher quality products, in a safer and more timely manner with video AI.”
Sameer Gandhi, Partner at Accel adds, “Eagle Eye Networks pioneered the video surveillance industry’s move to the Cloud, and AI applications will drive the industry’s next transformation. Eagle Eye is in the pole position to make this happen. Its true Cloud technology puts Eagle Eye in a unique position to instantly deploy new analytics breakthroughs. Dean Drako’s track record, proven with Eagle Eye and previously as founder of Barracuda Networks, speaks for itself.”
The Eagle Eye Cloud Video Management System is a smart Cloud video surveillance solution, said to be purpose-built to help businesses improve safety, security, operations and customer service while saving money. The company’ clientele includes multifamily residences, smart cities, schools, hospitals, hotels, logistics, restaurants and retail shops.
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