Eagle Eye Gets $1.4 Million PPP Forgiven After Raising $40 Million VC Funding and 85% Growth

By IPVM Team, Published Sep 13, 2021, 10:51am EDT

Eagle Eye Networks, founded and led by centimillionaire Dean Drako, had its $1.4 million PPP loan forgiven months after it raised $40 million in VC funding and boasted it hit record revenues in Q1 2020. This 92-second video overviews the situation:

In this report, IPVM examines the forgiven loan, Eagle Eye's new fundraising, "record" revenue, and guidance from the Small Business Administration (SBA).

** ****, **** *****-*** companies***** *** ***** *** received $*+ ******* ** PPP *****.

$1.4 ******* **** ******** ***** $** ******* *********** *** "******" *******

***** *** *** *** $1.4 ******* ******** ********** Program (***) **** ******** in *** ****, ******* raising $** ******* ** VC ******* *** ******** 85% ******* ****** **** year.

IPVM Image

*** ***** *** ********-****** and ***** ** **** small ********** **** ** the ***** ********. ***** Eye********* ******* ********** **% in ******* "****** ** **** revenue ******."

** ******* ****, ~* months ****** *** ********** forgave *** ****, ***** Eye********* ******* $** ******* in ******* ******* *********** *****, *** **** **** ****** $3 ******* **** ****.

Funding ****** *********** ** *** ****

** ******** *********** ** assisting ** ********* **** formation *** ***********, *** asked ** ****** *********, told **** **** *********** about *** ****** ****** the ******** *** * factor:

** * ******* *** a **** ** ***** to ***-**** *** **** was ***** **** ** raise ******* ********* ** late **** * ***'* think ****'* *********** ** indicator **** **** ****'* need *** ***** ** the ************* **** **** that ** ****'* ***** prudent ** **** *** money ** ***** ** mid-2020. *****, ******* * think **'* **** ** look **** ** ********* and *** **** *** know ** ****'*.

*******, ** *** ****, when *** **** *** forgiven, ** *** ***** that ***** *** *** secured * ******* ****** of ******* *** *********** record ******.

Avoid "******** ** ************"

****** * *** **** was ********* ** ***** "dilution ** ************," ***** told **** ** **** 2020 **** ******* ******** *** ********* (Eagle ***, *****, *** IC ******) **** $*+ million ** *** *****. ***** *********:

** * **** ** personally **** (** ******* convertible *****) ** *** companies, ** ***** ***** dilution ** *** ************, including *** ******** ************, which ** ********* ********* I *** ** *****. The *** ******* ** to ***** ****.

*******, *** ********** ******* said **** ********* **** certify ***** **** ******* is "********* ** ******* *** ongoing ********** ** *** Applicant." ** ** *** clear *** * **** with *** ********* ****** of ********** ******** ** shareholders *** ********* ***** on ***** **********.

IPVM Image******,**** *******, * ****** ****** analyst ** ********** ** ********** ********* (POGO), ****** **** **** that *** ***** ** the *** ******* *** to ******* *********:

*** *** ******* *** not **** ** **** the ********, *** ** help *** *********. ****'* why ** *** ****** the "******** ********** *******" and ****'* *** *** equations *** *** *** math ******** ********* ****** your *******.

*** ***** ******** ************** (SBA) ********* **** ** ************ designed *** ********* **** would *** **** *** funds ** ******** ****** employees:

*** *** ** “******** to ******* * ****** incentive *** ***** ********** to **** ***** ******* on *** *******."

Access ** ***** ******* ** *********

**** ********** **** ****** to **** **** ******* "their ******* ** ****** other ******* ** ********* sufficient ** ******* ***** ongoing ********** ** * manner **** ** *** significantly *********** ** *** business,"********* ** *** **********.

***** ***** *** ****** $40 ******* **** * well-known ** **** **** than *** ****** ****** they *** *** **** forgiven, *** ******* *** access ** * ***** source ** *********.

Eagle *** - ** *******

**** ********* ***** *** about **** ******, ********* its ****** ** *********, but *** ******* ******** to *******.

Returning *** ***** ********

* ****** ** **-****** companies ******** ***** *** loans ***** ******** ****** during *** ********. *** example,***** **********, ** ******** ******* charging *******, **** **** $3 ******* **** ****** the "**** ***** **** qualified *** ***********,"********* ** * *** article. ***** ********* **** paid **** ***** ***** a ********** **** *************** ***.,********** ***.,***** ************, ************.

***** ***************** *** ***** ********* public ********, ********* ***** *****, the *** ******* ******, and *****, * **** site.

No *** ******* *** ***** **-****** *********

**** ****-******, **-****** ********* did *** ****** *** funding. *** *******, ***** Eye's ******* ***** **********, Verkada, *** *** ****** PPP *******.

******* ******** ** ** firms **** **-****** ********* should "****** *****" *** "think ****" ***** ******* they ****** **** *** money,********* ** ******* *** article. ******, ********, * marketing ******** *******, ***** raised $** ******* ** February ****, *** ******** a *** ***********, *** decided *** ** ****** it ***** *** ***** of ********* *** *** agreed **** "*** ******* wasn't ***** *** ********* like ********."

Audit *** *****, ******* *** ***** ***

*** ******** ** ***** *** PPP ***** ***** $* million *******, ** *****'* ~$*.* million **** **** ** audited, *** ***** ***'* $1.4 ******* **** *** be ************* *******.

*** ** ******** **** IPVM **** ******** **** the *** *** ** "eyebrow ******" *** ***:

** * **** ** criticize *** *******, **** the *** ******* **** loans ***** * ******* threshold **** *****'* **** going ** *******, **** to ** *** * real ********. **** *** the *** ******: *** knew **** *** ***** get *******. ** *** made *** *************, *** SBA ***** **** ****** later, *** *** *** has *** ******* ** look ** **** ** hindsight ** ***, '****, you ****** ******* ********* three ****** *****, *** could *** *** *** really **** *** *****?'"

*** **** *********** ** currently *** **** ** should *** **, *******, the **** ****** *******, also **** ****:

****** **** ** *** are ****** ** *** administration, **** ****** ** Congress ******* ***** **, 'How ** ** ********** forgiveness? *** ** ** speed **** **, ******* there *** ******** ** loans?' *****'* **** ** anything ***** * ******* amount, ** ****** **** forgive **, ***** ** just * ******** ****.

*** ***** **** ****** out ******* ******* ** the ******* ****** ** the ******** ** *** economy. ******* ****** *** government ****** *** **** the **** ****** ******** to *********** ** ** did **** ************ *** loans:

* ***** *** ************** was **** ******* ****** controls *** ********** ** place. ** ** *** forgiveness ** *** ***** same **** ** ******* way **** ***** ** be ******** ****, ** bad ******** ***** *** decision. **** ** *** time **** *** ********** can ****** **** ** and ***, **'** ***** to **** ** ***** things, *** ** ***'* given * **** ****.

Vote / ****

Comments (9)

*** ********** ******* *** Rich *** ******. **** a ****, ********* *** backlash **** ***** ***** of ******** *** ***** like ** ** *****!

Agree: 3
Disagree
Informative
Unhelpful: 2
Funny: 2

*** *** *** *** low **** ***** ***** were ******* ** **** PPP *****.

Agree: 1
Disagree
Informative
Unhelpful
Funny

*** *** ******** ****** this ******** ****** ******* in ***** **** - see ******** ** ******* ****:

** * ***** **** or ******* ****** **** eligible *** * *** loan?

**. ***** ***** *** private ****** ***** *** primarily ******* ** ********** or ***********, *** **** businesses *** ********* ********** to ******* * *** loan. *** *************, ** consultation **** *** *********, does *** ******* **** Congress ******** *** ***** types ** **********, ***** are ********* ********** *** section *(*) ***** ***** existing *** ***********, ** obtain *** *********.

Agree
Disagree
Informative: 4
Unhelpful
Funny

* ** **** **** got *** ***, *** many ***** **** *** large *****-******* ****** ********* get *** *** *******.

Agree: 1
Disagree
Informative
Unhelpful
Funny: 2

*** **** ***** ****** be ******** ****** *** government. ****** ****** ************** will ****** ****** ** inequality. ********* ***** - and ** ********** ***** when ** ** ********* socialism.

*** ** ****** *** real ****** ** **** the ** ***** **** used **** *.* ******* to ***** *** **** war/nation ******** ******** ******* we **** *** ***** by ***** ********* ******** a *** ******* *** handing ** *** ** some ********* *****....

Agree: 4
Disagree
Informative
Unhelpful
Funny

*** **** ******* * PPP ****? ** ** was *** **** ********?

Agree
Disagree
Informative: 1
Unhelpful
Funny: 1

**** *** ******* * $237,500 *** ****:

**** ******** *** ****

********* ************, *** ****** ******** was $***,*** (********* ******* interest).

**** **** **** *** not ******** ******* **** VC *********. ** **** said:

** *** ****, ** are ** ****** ***** business **** ** ********* or ********* *******. **'* me.

Agree
Disagree
Informative: 1
Unhelpful: 1
Funny

***, ** ******** *** got *** **** ********. We ***** **** *** received *** ** ******* and **'* ***** ** personally.

Agree
Disagree
Informative: 1
Unhelpful
Funny

**** ** *** **** John? *** ****** *** don't **** ******** $***,***,***.** just ****** ******?

Agree
Disagree
Informative
Unhelpful: 1
Funny
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