CPE News – EhEye Inc. has raised $480K in equity, debt and grant funding led by The New Brunswick Innovation Foundation (NBIF).
The New Brunswick Innovation Foundation (NBIF) led the investment with $150,000 in equity funding. EhEye raised additional $330,000 from Friends and Family ($150,000), a Business Development Canada (BDC Capital) loan ($100,000), National Research Council Industrial Research Assistance Program (NRC-IRAP, $30,000), and the Atlantic Canada Opportunities Agency (ACOA, $50,000).
Saint John, New Brunswick based EhEye specializes in public safety and video surveillance by using analytics and artificial intelligence. Its surveillance recognition software automatically detects suspicious or aggressive behaviour, objects, and people, and then provides real time alerts. It uses artificial intelligence and deep learning to analyze footage, and then differentiate between normal and abnormal activities.
photo credit: EhEye Inc.
NBIF Invests in EhEye
January 15th, 2018
FREDERICTON (N.B.) – The New Brunswick Innovation Foundation (NBIF) announces a venture capital investment of $150,000 in New Brunswick-based surveillance company EhEye. EhEye specializes in public safety and video surveillance by using analytics and artificial intelligence. Leveraging the NBIF deal, EhEye was able to raise an additional $480,000 in total funding from other investors.
The company’s surveillance recognition software automatically detects suspicious or aggressive behaviour, objects, and people, and then provides real time alerts. It uses artificial intelligence and deep learning to analyze footage, and then differentiate between normal and abnormal activities.
The NBIF offer required matched funding from another investor. EhEye CEO James Stewart says he has been able to use the deal to open-up subsequent investments that exceeded requirements. He reports securing another $150,000 in funding from Friends and Family investment rounds, a Business Development Canada (BDC) loan for $100,000, $30,000 from the National Research Council (under the Industrial Research Assistance Program), and another $50,000 from the Atlantic Canada Opportunities Agency (ACOA). Together, investments total $480,000.
“The NBIF gave us a fantastic opportunity to unlock a series of other investors,” says Stewart. “In hindsight, the matching requirement really held the key and motivated us to up our game.”
Venture capital matching is a strategy that provides all parties with added confidence and stability.
“I am pleased to see the Government of Canada supporting a forward-thinking organization like EhEye Inc.,” said Wayne Long, Member of Parliament for Saint John-Rothesay, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for ACOA. “Innovation is about new ideas and approaches that help grow our economy, create good jobs and improve the quality of life of all Canadians. This investment with EhEye Inc., through ACOA’s Business Development Program, is a perfect example of how together, we can move forward with fresh ideas to make innovation a national priority and put Canada on a firm path to long-term economic growth.”
EhEye was a finalist for the NBIF’s Breakthru startup competition in 2017. The state-of-the art monitoring company has since picked up a number of early adopters. With offices in both Saint John and Fredericton, they will kick-off the new year with a full team of 13 employees.
“Artificial intelligence is an emerging tool often associated with cyber security. This is one of the first instances we’ve seen where a company has leveraged AI for personal security, and we’re proud to support them,” says the NBIF CEO Calvin Milbury. “EhEye’s widespread potential for positive impact on the wellbeing and safety of both people and infrastructure is incredibly promising.”
About the New Brunswick Innovation Foundation (NBIF)
The NBIF is an independent non-profit corporation that specializes in venture capital and research investments. Dedicated to building innovation in our province, the NBIF delivers the resources and expertise required to achieve new opportunities, growth, and advancements that positively impact New Brunswick.
With over $85 million invested, plus $425 million more leveraged from other sources, the NBIF has helped to create over 106 companies and fund 470 applied research projects since its inception in 2003. All of the NBIF’s investment returns go back into the Foundation to be re-invested in other startups and research initiatives.