ZeroEyes, an AI-based gun detection software company, announced today that it raised $23 million. The fundraising round was led by Octave Ventures, Alliance Holdings and other existing investors.
“ZeroEyes has demonstrated a remarkable ability to execute on its important mission and we are excited about their future as they continue to achieve wide adoption and staggering growth,” said Michael Kim, founder of Octave Ventures, in a written statement.
Mike Lahiff, president and CEO of ZeroEyes, told Technical.ly that the company is experiencing a huge amount of growth — 360% to be specific. With this amount of growth, it only makes sense to continue investing in the company, he said.
He added that the company expects to double its revenue by the end of the year and double again next year.
“To do that, you have to put some of those investments in place now, and that’s what helps with this capital,” he said. “Because the more cameras we’re on, the more opportunities we have to stop gun violence and mitigate the injuries and everything else that comes with it.”
ZeroEyes plans to expand its Conshohocken-based headquarters by 6,000 square feet to further build out the company’s operations and monitoring center. The funding will also be used to support continued work on its AI technology.
This funding round started at the beginning of the summer. Lahiff said the goal was to raise $15 million, but when it raised more than that, the company extended the round.
Lahiff said the company has been focused on AI gun detection over security cameras in schools, commercial environments and government buildings. The company has also been hiring as needed and currently has 155 employees.
“It’s a fine balance of growing, but not letting things get out of hand,” said Lahiff. “Just in the last few weeks, we’ve had multiple real-world detections that led to arrests — which are great wins for the people within the company, because we’re all about saving time to save lives. And to do that is to detect people with guns where they’re not supposed to be.”Sarah Huffman is a 2022-2023 corps member for Report for America, an initiative of The Groundtruth Project that pairs young journalists with local newsrooms. This position is supported by the Lenfest Institute for Journalism.
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