Conshohocken gun detection startup ZeroEyes has raised $53.3 million inone of the largest tech firm fundraises in Greater Philadelphia so far this year.
The oversubscribed Series B round, which closed last week and had a target of about $50 million, was led by Utah-based Sorenson Capital, with participation from California-based Intel Capital, New York-based Broadlight Capital and existing investors.
The company plans to use the funds to continue expanding its footprint, headcount and the reach of its gun detection technology.
Founded in 2018, ZeroEyes' technology uses artificial intelligence to detect and thwart active shooters by turning existing security cameras into a "force multiplier," CEO Mike Lahiff told the Business Journal in May. The software triggers alert responses when active shooters are detected and has helped lead to approximately 10arrests in the past year alone, according to Lahiff.
The fundraising round comes on the heels of the company doubling both the size of its operations and its headcount, which is now at 170 employees. Lahiff said he expects ZeroEyes' workforce to grow as much as 30% to 220 by the end of the year.
Founded by a team of former Navy SEALs and military veterans, demand for ZeroEyes' software has skyrocketed recently. From 2022 to 2023, the startup reported a 758% increase in enterprise customers and a 300% jump in commercial customers across Pennsylvania. The number of security cameras using ZeroEyes statewide grew 658% last year, according to the company.
ZeroEyes' revenue has similarly risen and is now in the "tens of millions" of dollars, Lahiff said earlier this year, though he declined to disclose specific figures. He said the company is tracking to at least double its sales in 2024.
The company already counts hundreds of customers among its client roster across 42 states.
In a statement announcing the raise, Lahiff said he wants ZeroEyes' software to be "the fire alarm of the future," with every building in the nation having the gun detection software integrated.
"As long as there's still active shooters and gun violence, and our children are dying from gun violence, we're not going to stop," Lahiff previously told the Business Journal. "And we're going to keep pushing until we're on every camera, because it can help."
Between its growth trajectory and the fresh funding, the Conshohocken company also sees opportunities to broaden its reach through transit agencies. After a pilot with SEPTA that was canceled at the end of last year, ZeroEyes inked a deal this month with the Regional Transportation Commission of Southern Nevada to make it the first transit agency in the U.S. to fully deploy weapons detection analytics.
Prior to its most recent round, ZeroEyes raised $23 million last year after a $20.9 Series A round in 2021.
