There have been a couple of setbacks at EhEye, the New Brunswick company that has built a gun detection software to enhance public safety.
After a significant loan fell through, the company is hustling to raise $200,000 through a crowdfunding campaign.
“We’ve got 21 months in innovating and are in the right exact place we need to be in to protect people and we cannot get the support we need,” said James Stewart, the CEO of EhEye.
EhEye’s software is able to detect people and weapons through visual recognition technology and alert security teams to potential threats, saving valuable time during a crisis.
In its second round of funding, EhEye raised $800,000 in investments from organizations like the National Research Council. However, in order to fully access the $800,000, the company needs to drum up $200,000 in equity financing.
“The equity funding for us is difficult because we’re a different type of innovation,” said Stewart.
“The investors want to know how are you going to make or save people money, and public safety is different. How do you quantify public safety? The province invested $53 million into innovation but because that follows equity, a company like ours cannot access it.”
Read more about this story in Entrevestor.