Eagle Eye Networks raised $40 million of Series E funding from venture capital firm Accel — who has provided funds to Facebook, Spotify and DocuSign — to continue its growth and expand its technology leadership.
“This is the first time in the history of the video surveillance industry that a tier one venture capitalist is making a major investment in the video surveillance industry,” said Dean Drako, founder and CEO of Eagle Eye Networks.
Eagle Eye is leveraging artificial intelligence (AI) on its true cloud platform to dramatically reshape video surveillance and improve safety, security, operations, and customer service for businesses around the world.
According to Drako, the funds will be used to expand the company’s reach, marketing, sales and further improve on its AI development.
“It is a nice validation to the tremendous amount of work on the company,” he said. “It's good to have, that kind of ‘Good Housekeeping’ stamp of approval, so to speak.”
Today’s video surveillance systems have multiple security features, such as motion detection and standard analytics. However, 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.
Drako said that combining AI with smart cloud video surveillance with appropriate privacy and cybersecurity protections will make business and communities much safer and allow businesses to analyze their customer service and retail operations to provide a better customer experience. He continued that manufacturers can provide higher quality products in a safer and timely manner with video AI.
“There is a tremendous opportunity to leverage AI and alter the very nature of video surveillance,” Drako said. “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.”
Sameer Gandhi, partner at Accel, said Drako’s track record with Eagle Eye and previously as founder of Barracuda Networks, along with Eagle Eye’s true cloud technology, puts the company in a unique position to instantly deploy new analytics breakthroughs
“Eagle Eye Networks pioneered the video surveillance industry’s move to the cloud, and AI applications will drive the industry’s next transformation,” Gandhi said. “Eagle Eye is in the pole position to make this happen.”
According to Drako, the funding allows Eagle Eye Networks to continue to revolutionize how companies manage security and business operations.
“It's really about equalized cloud leadership position and leveraging that to basically bring AI like it's never been seen before to the industry,” Drako said.