Combining artificial intelligence (AI) with cloud video creates systems that are smarter, safer and more cost-effective. Furthermore, adding AI capabilities can widen the advantage gap of cloud video systems compared to on-premise systems, especially for cost-conscious end users.
“We strongly believe the total cost of ownership (TCO) for cloud systems is more affordable,” says Ken Francis, President of cloud video surveillance company Eagle Eye Networks. “And introducing really powerful AI will expand the cost differences.”
Combining AI and cloud video
To finance realization of their vision to combine AI and cloud video, Eagle Eye Networks has raised $40 million of Series E funding from venture capital firm Accel. The money will allow Eagle Eye to continue its steep growth curve and leverage AI on its true cloud platform to reshape video surveillance. “The investment will make video surveillance smarter and safer for end users,” says Francis.
In effect, end users have maximum flexibility to manage and analyze their video data however they wish
The system sends captured video to the cloud, where a variety of AI or video analytics systems can extract valuable data from the captured video. Eagle Eye offers an application programing interface (API) to enable integration of best-in-breed third-party AI and analytics systems to leverage the video. In effect, end users have maximum flexibility to manage and analyze their video data however they wish.
Delivering lower costs
In addition to offering integration with third-party systems, Eagle Eye is investing in its own AI development, and hiring additional development and customer service personnel. As new technologies become part of the Eagle Eye platform, customers benefit from lower costs because of economies of scale. Keeping the emphasis on development of cloud systems, Eagle Eye also offers customers maximum flexibility in choosing their cameras.
Eagle Eye’s on-premise cyber-hardened “bridge” can connect to almost any camera from thousands of manufacturers, including those connecting with HD-over-coax. The COVID-19 pandemic has expanded the need for end users to view their premises remotely, and in the process has highlighted shortcomings of their existing video systems. As a result, video manufacturers - including Eagle Eye Networks - are seeing a surge in end users updating their systems.
Cloud video surveillance
Given the costs of installing and maintaining hard drives for local storage (and additional challenges during a pandemic lockdown), more end users are opting to use cloud systems. In effect, the COVID-19 pandemic is accelerating installation of cloud video surveillance. “Our industry is the most resilient in the world,” says Francis.
Eagle Eye Networks was on track to double their growth in the first quarter, and then COVID slowed everything down
As a whole, 2020 has been a successful year for the cloud system provider. Eagle Eye Networks was on track to double their growth in the first quarter, and then the COVID lockdown slowed everything down. During the second quarter, their revenue from setup fees and appliances fell by 35% or so, but subscriptions increased slightly including customers looking to keep watch over their shuttered businesses.
Temperature alerting solutions
The third quarter saw another big uptick in business; August and September were booming, and not just from projects that were delayed from Q2. There has also been a spike in customers looking to apply temperature alerting solutions, says Francis. In uncertain economic times, cloud systems require around 40% less up-front costs, and provide flexibility to eliminate the system (and the expense) at any time without losing a large financial investment.
Cloud video has reached a tipping point in the United States, Mexico, and the United Kingdom, among other locales, but the technology lags in some other geographic areas such as France. Driving adoption is availability and cost of sufficient upload speed and bandwidth. In addition to Eagle Eye’s branded growth, the company also provides the OEM engine behind a half dozen or so cloud systems offered by other manufacturers.
Backing multi-site enteprises
About eight years old, Eagle Eye Networks has focused squarely on the small- and middle-sized business (SMB) market, especially multi-site businesses such as retail, banking and healthcare. They also work with local governments and K-12 schools. Moving forward, the company will seek to expand more into multi-site enterprise customers, some of which have 1,000 locations around the world and need to store their video locally to meet regulatory requirements.
Multi-site businesses, benefit from the cloud by eliminating the need for local IT equipment and expensive staff
Multi-site businesses, especially, benefit from the cloud by eliminating the need for local IT equipment and expensive staff. As Internet connectivity becomes less expensive than installing new cable infrastructure, cloud systems will become more attractive to large campus environments such as colleges and airports, says Francis. The advent of 5G connectivity will also be a plus. All Eagle Eye products are NDAA compliant.
Premium support services
Further expanding its services, Eagle Eye Networks is poised to launch “Premium Support Services,” in which the cloud provider’s employees will proactively monitor and service customer sites for a minimum additional monthly fee. The cloud structure enables most problems to be addressed and solved remotely without needing to send personnel to a site.
The new investment from Accel, a funding partner of top-tier tech companies such as Facebook, Dropbox and Spotify, is Accel's first investment in the security industry. In addition to investing in AI, Eagle Eye also plans to leverage the funding to expand into new regional markets with new data centers and additional staff in business development, sales and support roles.