Cloud-based video surveillance provider Eagle Eye Networks announced in a company press release that it has raised $40 million of Series E funding from venture capital firm Accel to continue its growth and expand its technology leadership.
Dean Drako, Founder and CEO of Eagle Eye Networks commented on the opportunity by saying: “There is a tremendous opportunity to leverage AI and alter the very nature of video surveillance. 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.
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.
How video surveillance is being used is growing with applications ranging from security through to quality control on production lines. As an example, Adrian Timberlake from Seven Technologies Group looked at how facial recognition can be used to combat bias through numerous ways including crime and safeguarding against human error.
The cloud-based video surveillance provider has a product called the Cloud Video Management System (VMS) which is a smart cloud video surveillance solution, purpose-built to help businesses improve safety, security, operations, and customer service while saving money.
Eagle Eye Networks claims that tens of thousands of companies in more than 90 countries around the globe have moved their video surveillance to the cloud with Eagle Eye VMS.
The cloud-based video surveillance provider explains how its customers, which include multi-family residences, smart cities, schools, hospitals, hotels, logistics, restaurants, and retail shops trust its systems for actionable business intelligence and proactive security.
Drako added: “Ultimately, smart cloud video surveillance with appropriate privacy and cybersecurity protections will make businesses and communities much safer, for example: detecting dangers such as weapons, erratic driving, active robberies, and traffic accidents. Businesses will analyse 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 commented on what puts the cloud-based video surveillance provider in a unique position by saying: “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 the founder of Barracuda Networks, speaks for itself.”
Eagle Eye Cloud VMS offers comprehensive central management, cloud reliability and redundancy, cost savings, and an open API video platform that provides a vast number of third-party integrations.
Thanks to the companies partnership with Brivo it can provide a seamless solution for cloud video surveillance and facility access control.
The cloud-based video surveillance provider explained how Eagle Eye API allows for seamless integration with partners like Brivo which it claims makes Eagle Eye Cloud VMS the only platform robust enough to power the future of video surveillance.
The Eagle Eye Cloud VMS works with thousands of industrial cameras which it claims does not require customers to “rip and replace” their existing infrastructure.
John E. Mack III, Executive Vice President, Co-Head of Investment Banking at Imperial Capital commented on Eagle Eye Network being the first to revolutionise the market and by saying: “In more than two decades in the video surveillance industry, I have heard people talk about revolutionizing the market and taking it to the next level, but only Eagle Eye Networks has truly delivered on that promise. While Eagle Eye Networks’ vision as the first cloud-native solution was compelling previously, the changes 2020 brought about through business disruption related to COVID-19 make Eagle Eye’s products and services even more desirable. Eagle Eye’s focus on the customer and commitment to innovation create a foundation that makes its cloud and AI-enhanced offerings for video surveillance a focus for security specific executives and the C-suite alike.”
The cloud-based video surveillance provider explains how its leveraging AI on its platform to ‘dramatically’ reshape video surveillance and improve safety, security, operations, and customer service for its clients around the world.
Its customers can expect to have their video encrypted to protect their data and privacy with Eagle Eye’s inherent cyber-secure design while benefiting from its RESTful API platform and Big Data Video Framework, which it states allows for indexing, search, retrieval, and analysis of the live and archived video.
