International. Eagle Eye Networks has acquired artificial intelligence specialist Uncanny Vision to strengthen its stake in providing artificial intelligence and analytics. The acquisition also includes research and development capabilities and a new regional office in Bangalore, India.
"After evaluating more than a dozen AI companies, we started working with Uncanny Vision in 2020. It didn't take us long to conclude that Uncanny Vision is the undisputed leader in surveillance artificial intelligence," said Dean Drako, CEO of Eagle Eye Networks. "Its award-winning AI technology is deployed in thousands of locations, including Fortune 500 customers."
The deal accelerates Eagle Eye's plan, announced in November 2020, when it raised funds from venture capital firm Accel, to drastically reshape video surveillance.
Uncanny Vision's deep learning algorithms enable recognition, identification, and prediction, improving business operations, customer service, and site security. Uncanny Vision AI is used today in multiple applications, including:
- Smart parking
- Retail analytics
- Door security
- Toll automation
- Smart cities
- ATM monitoring
- Worker safety
- Perimeter security
Drako stated, "Uncanny Vision's tools for training, building and optimizing models, and its infrastructure for managing and storing training data are superior. This is a key component that we are pleased to add to the Eagle Eye Networks platform."
Uncanny Vision's 60 employees will be retained and Eagle Eye plans to expand the Bangalore office. It also committed to supporting Uncanny Vision's current customers and will continue to build its global infrastructure to provide the best 24/7 support to its valued customers around the world.
Uncanny Vision co-founders Ranjith Parakkal and Navaneethan Sundaramoorthy have joined the Eagle Eye leadership team. Parakkal said, "We share the Eagle Eye team's vision of delivering cloud video surveillance offerings with advanced cyber and cyber AI that transform video surveillance for businesses around the world."
"The economic model of offering subscription-based AI per camera through a global cloud infrastructure will drive the growth of security integrators who otherwise face the challenge of how to build a financially stable business," said Alper Cetingok, managing director and head of Raymond James' Security and Protection Practice. [1]
[1] Raymond James & Associates was not a party to the transaction.
