Conshohocken-based ZeroEyes, a veteran-founded startup that uses artificial intelligence to detect guns, has managed to raise $20.9 million in a Series A round, writes Kennedy Rose for the Philadelphia Business Journal.
The funding is led by venture capital firm Octave Ventures, which focuses on pre-IPO tech and biotech companies. Existing investors joining the round included Legion Capital and Grateful Investment. Alliance Holdings and Alpha Intelligence Capital also took part in the funding round.
This latest financing round has brought the startup’s total funding to $26.1 million.
According to the company, the money will be used to grow the business and improve the product as well as to hire staff and continue operations in North America.
“This significant funding round will allow us to further develop our proprietary AI technology to help stem the overwhelming impact of gun violence on our streets, in our schools, at businesses and public venues,” said ZeroEyes co-founder and CEO Mike Lahiff.
The company’s AI-based platform uses clients’ existing security systems and video analytics to detect firearms. In case of detection, the platform sends an alert to ZeroEyes’ team which then alerts local authorities and emergency services.
Read more about ZeroEyes in the Philadelphia Business Journal.