“We will watch the cameras for you,” Drako said. While forensic search is already something that Eagle Eye offers (in fact it last raised money in aid of building that) the plan is to add more to that offering to more fully automate the process. Areas like forensic search, he said, are too specific of use cases to rely on third-party data, at least for now. The belief is that the future is in building more innovative solutions at the end point that will increase automation and detection, with much of the work carried out remotely, leaning on cloud infrastructure.Īlthough there are a profusion of startups now building (and raising money) for AI technology, for now Drako said that the two companies are focused on their own proprietary R&D in order to have better control on what is being built, and for what purpose. “We are projected to grow 15% annually for the next several years,” Drako said in reference to the industry generally.īoth companies, it should be pointed out, still offer and have a number of clients using hybrid solutions, with some video or access records stored on site and some in the cloud. “A lot of investors have woken up to the opportunity for the cloud conversion and the application of AI in the physical security market,” Drako said in an interview, citing data from research firm Omdia, which in 2021 forecast cloud-based solutions, called Physical Security as a Service, would grow between 19% and 21% year on year between 20. While Eagle Eye and Brivo are far from the “cybersecurity” end of the security spectrum, they are nonetheless addressing a very salient and big part of the market with very technology-forward solutions. In part due to macroeconomic and political events, and in part because of the ineluctable rise of malicious online activity, security has emerged as one of the standout categories that has risen above the fray and managed to continue growing revenues, attracting attention from investors seeking safer bets. The funding is coming at a key moment in the world of startup financing, a moment that has proven to be a windfall for a handful of companies and dire straits for many others. He also has an eponymous electric car company. He has a fairly storied history as an entrepreneur beyond that: He was also one of the co-founders and the former CEO of IT security company Barracuda, which most recently ( in 2022) was acquired by KKR in a $3.8 billion deal. Drako - who is the founder and CEO of Eagle Eye, is also the chairman of Brivo, which he acquired for just $50 million in 2015 after it passed through a series of other ownership structures. The funding is being made “majorly at an up-round,” Drako said, but he would not elaborate on the exact figures. Eagle Eye works with some 20,000-30,000 customers - large enterprises and other big organizations - while Brivo has in aggregate some 20 million people using its access control services. Both companies plan to use the funds for R&D, and specifically to build more AI-based technology into their respective platforms. companies - majority owned by the same individual, security entrepreneur Dean Drako - are today announcing that they have raised a large, joint round of equity funding, $192 million from a single, strategic investor: Japanese security services giant SECOM.ĭrako told TechCrunch in an interview that $100 million of the funding will be going to Eagle Eye and $92 million will be allocated to Brivo. Eagle Eye Networks and Brivo, two players in the world of physical cloud security - respectively video surveillance and access control systems to secure buildings and other physical spaces - are doubling down on their businesses… quite literally.
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