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Cloud video surveillance firm 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 on its true cloud platform to dramatically reshape video surveillance and improve safety, security, operations, and customer service for businesses around the world.

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.

“There is a tremendous opportunity to leverage AI and alter the very nature of video surveillance,” said 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/electric cars are transforming transportation.

“Ultimately, smart cloud video surveillance with appropriate privacy and cybersecurity protections will make the world much safer. It will help businesses provide better service by reducing wait lines, ensuring displays are organised and stores clean, and assuring product quality.”

Sameer Gandhi, Partner at Accel added, “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.”