Eagle Eye Networks Raises $40M for Its AI-Powered Video Surveillance

Gordon Gottsegen
October 27, 2020
security camera Eagle Eye Networks
Photo: Shutterstock

Video surveillance has been a useful security tool for quite some time. In fact, many of us have gotten so used to it, we hardly notice security cameras when we walk by a bank, enter a store or pass by an expensive home. This speaks to the ubiquity of video surveillance, but just because something is everywhere, doesn’t mean it can’t be improved, and that’s what Eagle Eye Networks hopes to achieve.

On Tuesday, the Austin-based company announced that it raised $40 million in a Series E funding round led by Accel.

Eagle Eye Networks has created video management system (VMS) software to help people, businesses or other establishments with their video surveillance. The company’s VMS is both encrypted and cloud-based, so video can be accessed remotely through the internet without giving up on security. This means that people who want to view security footage don’t have to be physically tied to certain machinery, like traditional video surveillance methods.

The company’s VMS also uses artificial intelligence to flag suspicious activity and notify the video operator. This removes the need for continuous or manual review of footage, and can instead identify the most important parts for review. Eagle Eye Networks software also works with thousands of existing security camera solutions, so customers might not have to replace their existing hardware.

“There is a tremendous opportunity to leverage AI and alter the very nature of video surveillance,” CEO and founder Dean Drako said in a statement.

He continued: “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.”

All sorts of institutions, from schools, to multi-family residences, hospitals, hotels and retail shops use Eagle Eye Networks for their security needs.

The company plans to use this new funding to fuel its continued growth and further expand on its technology. The company is headquartered in Austin, but has offices in Europe and the Asia-Pacific region. It has customers across the world.

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