Dean Drako

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Dean Drako
Dean Drako speaking at ES Design West, SF Moscone Center, July 2019.jpg
Drako at the ES Design West 10 July 2019
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Dean Drako is an American businessman and entrepreneur who has founded more than six companies. Drako was founder, president and CEO of Barracuda Networks [1] from 2003 to July 2012. He is currently founder and CEO of Eagle Eye Networks, [2] [3] and co-founder and CEO of IC Manage and Drako Motors. [4] He is also owner and chairman of Brivo and Cobalt AI. [5] [6]

Contents

Drako grew up in Detroit, Michigan, founding his first company in high school; his company T-net's bulletin board system software package was used to share messages via modems. He sold T-net and used the profits to fund his college education [7] [8] at University of Michigan, where he graduated with a BS in electrical engineering. He later moved to California to attend UC Berkeley, earning an MS in electrical engineering. [9]

As of 2020, Drako is a holder of 53 patents, including patents on video streaming, video storage, video analytics, digital image processing, network security & protocols, digital circuits, biochemical assays, and electric automobiles. [10]

Business Career

DAI and IC Manage

Drako has founded two companies in the semiconductor industry. In 1992, Drako founded Design Acceleration Inc, selling it to Cadence Design Systems in 1999. [11] [12] In 2003, he and Shiv Sikand founded IC Manage a design & IP management company. [13] Drako continues to serve as IC Manage's President and CEO. [14]

Barracuda Networks

Also in 2003, Drako founded Barracuda Networks and introduced their email spam and virus appliance product line. [15] [16] Other Barracuda product lines launched during Drako's tenure were: web filters, [17] load balancers, [18] email archiving, [19] and digital PBXs. [20]

Drako executed six acquisitions by Barracuda Networks: In 2007, NetContinuum, an application controller company; [21] in 2008, BitLeap, a provider of cloud-based backup services, [22] and 3SP, an SSL and VPN company; [23] in 2009, Yosemite Technologies, for incremental backup of applications; [24] a controlling interest in phion AG, an Austria-based public enterprise-class firewalls company, [25] and Purewire Inc, a software as a service (SaaS) cloud-based web filtering and security company. [26] Drako contributed to or supported 16 different open source projects while running Barracuda including Valgrind, Apache, and the Free Software Foundation. [27]

Barracuda was ranked #2 by Glassdoor in 2011, with Drako receiving an 88% approval rating. [28] Drako resigned from Barracuda Networks in July 2012 to found Eagle Eye Networks, while continuing to serve on Barracuda's board of directors until 2014. [29] At the time of Drako’s resignation, Barracuda stated it was profitable, generating hundreds of millions in annual revenue, close to 30% year-over-year growth since inception, and had surpassed 150,000 customers. [30] [31]

Eagle Eye Networks

Drako left Barracuda Networks in July 2012 to found Eagle Eye Networks, a cloud-based video security company, serving as CEO. He officially launched Eagle Eye Networks in 2014, stating that his desire to found the company was driven by his frustration when trying to set up a video security system for a remote office while CEO of Barracuda; he wanted to make video surveillance more accessible and far easier to use by leveraging the cloud. [32] [33] Drako has been credited with establishing the concept of ‘true cloud’ in the physical security industry, emphasizing the differences between applications designed specifically for the cloud and legacy-design applications being run on a cloud-hosted virtual server. [34]

Drako initially financed Eagle Eye Networks himself, later raising multiple financing funding rounds: an undisclosed amount from Michael Dell in 2014, $40M series E in 2020, and $100 million Series F in 2023, with Drako continuing be the majority owner. Drako has stated that more recent funding was to accelerate the company's AI execution. [35] [36] [37] Eagle Eye Networks ranked four times on the Deloitte Technology Fast 500 list of fastest growing technology companies in North America (2019, 2020, 2021, and 2023). [38] [39] [40] [41]

Brivo and Cobalt AI acquisitions

Drako has acquired two physical security companies, Brivo and Cobalt AI, both of which he operates as separate entities from Eagle Eye Networks. [42] [43] In 2015, Drako acquired cloud access control system provide Brivo for $50M and serves as Brivo's Chairman. [44] In November 2022, Brivo closed long-term senior secured credit facility of $75 million with Runway Growth Capital. [45] In 2023, Brivo raised $92M in financing, with Drako continuing to hold a majority share of the company. [46] In June 2024, Drako acquired Cobalt AI, a provider of enterprise AI alarm filtering, remote monitoring and security robot solutions, for an undisclosed sum, where he also serves as chairman. [47]

Drako Motors

Drako is co-founder [48] and CEO of Drako Motors, an electric sports car software platform provider, which on August 6, 2015 announced its first product, the Drako DriveOS, a single VCU (vehicle control unit) operating system which controls all four wheels independently. [49] In June 2019, Drako Motors pre-announced their Drako GTE electric quad-motor supercar, claiming speeds of up to 206 MPH and 1200 horsepower. [50] [51] [52] [53] In August 2019, Drako Motors formally launched the all-electric production Drako GTE. [54] [55] In November 2022, Drako Motors launched the Drako Dragon all-electric luxury SUV, with 2,000 HP and 200+ mph maximum speed, quad motor powertrain, and two gullwing doors. [56] [57]

PermRecord and Permanent Legacy Foundation

In 2015, Drako created the PermRecord Foundation with the stated purpose "to ensure the preservation of materials placed in its trust." [58] This foundation contracted out to a commercial company, Permrecord, Inc., also founded by Drako, for its programming services. [58] By 2019 this mission had evolved "to preserve and provide perpetual access to the digital legacy of all people for the historical and educational benefit of future generations." [59] The foundation claims public charity status, but its public support percentage is zero, and it is completely controlled by its sole member (Dean Drako). [59] The foundation does not appear to have any perpetual means to accomplish its mission, subsisting on occasional grants from Drako. [59] The foundation's website hides its legal name and charity registration number under a "Brand Assets" page, but refers to itself under the DBA "Permanent Legacy Foundation". [60] Its home page promises "We invest your contributions into a nonprofit endowment" but there is no record of that endowment in its public accounting records. [59]

Awards and recognition

Drako has been named a winner of the Ernst & Young Entrepreneur of the Year Award twice: first, as CEO of Barracuda Networks (Northern California, Networking and Communications) in 2007, [61] and later as CEO of Eagle Eye Networks (Gulf South Region) in 2024. [62] In 2014, Goldman Sachs included Drako in its list of the 100 Most Intriguing Entrepreneurs. [63]

Drako has served on the University of Michigan Advisory Council since 2012 [64] and was the commencement speaker for University of Michigan Engineering School in 2016. [65] In 2014, he was UC Berkeley's Engineering Week keynote speaker, where he discussed his five principles of entrepreneurship. [66] He has also been an invited speaker for UC Berkeley's Richard Newton lecture series. [67]

He was elected five times to the board of directors of the ESD Alliance, serving from 2012 to 2023. [68] [69] [70] [71] [72]

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References

  1. ↑ SJ Mercury News Biz Break: Barracuda Networks IPO primes pump for Twitter
  2. ↑ Wall Street Journal Venture Capital Serial Entrepreneur and Ex-Barracuda CEO Launches Eagle Eye Networks to Take Video to the Cloud January 21, 2014
  3. ↑ MarketWatch Startup puts video surveillance in the cloud Jan 21, 2014
  4. ↑ Silicon Hills Drako Motors Creates Software to run Electric Sports Cars December 1, 2015
  5. ↑ Channel Futures Eagle Eye's Dean Drako Grabs Brivo In $50 Million Deal June 11, 2015
  6. ↑ SDM Mag Dean Drako Expands Security Portfolio With Acquisition of Cobalt AI Jun 4, 2024
  7. ↑ CTAN Archived 2013-08-25 at the Wayback Machine
  8. ↑ Texas Business Minds Austin: Eagle Eye Networks President & CEO Dean Drako retrieved 7.19.2024
  9. ↑ Security Informed Dean Drako retrieved 7.19.24
  10. ↑ US Patent Collection database search November 2021
  11. ↑ EDN DAI Reorganizes for Next Stage Growth 7.17.97
  12. ↑ EDN Cadence Buy Boosts System-On-Chip Design Verification Feb 8, 1999
  13. ↑ EETimes IC design management goes global 04.23.2007
  14. ↑ BizJournals IC Manage's CEO moves to Austin, will run local office September 17, 2012
  15. ↑ CTAN January 2013 Archived 2013-08-25 at the Wayback Machine
  16. ↑ Deepchip: How Dean Drako's 1/2 billion dollar "side hobby" might change EDA August 2012
  17. ↑ Garvey, Martin J. (April 18, 2005). "Barracuda Rolls Out Spyware-Blocking Appliance". InformationWeek . Archived from the original on 2012-09-12. Retrieved June 12, 2024.
  18. ↑ IT & Security Portal Barracuda Networks Launches Barracuda Load Balancer Archived 2010-03-23 at the Wayback Machine
  19. ↑ Reseller News November 2007
  20. ↑ Enterprise Networking Planet: Barracuda Launches CudaTel PBX August 2009
  21. ↑ SCMagazine Barracuda Networks buys NetContinuum Archived 2015-09-08 at the Wayback Machine
  22. ↑ eweek Barracuda Networks Buys into Data Backup Business
  23. ↑ Eweek Barracuda Networks Breaks into SSL VPN Space
  24. ↑ PCWorld Backup Merger Unites Barracuda, Yosemite
  25. ↑ Silicon Valley Business Journal Barracuda Networks takes controlling interest in Phion
  26. ↑ Atlanta Business Chronicle Barracuda buys Purewire Inc.
  27. ↑ Barracuda Open Source Community Retrieved 2012 Archived 2014-07-07 at the Wayback Machine
  28. ↑ Business Insider The 25 Best Tech Companies To Work For In 2011
  29. ↑ CRN Former Barracuda Networks CEO Acquires Cloud Access Control Company For $50M
  30. ↑ Bloomberg October 2012
  31. ↑ CRN Barracuda CEO Resigns
  32. ↑ The Wall Street Journal Barracuda Networks Co-Founder Launches Video Surveillance Startup Jan 2014
  33. ↑ MarketWatch Startup puts video surveillance in the cloud Jan 2014
  34. ↑ Security Info Watch Real words or buzzwords? True Cloud Sept 17, 2017
  35. ↑ Venture Beat Michael Dell is funding this company to move surveillance cameras onto the cloud July 31, 2014
  36. ↑ BizJournals Surveillance startup Eagle Eye Networks raises $40M from Accel to expand AI applications Oct 28, 2020
  37. ↑ TechCrunch Eagle Eye Networks and Brivo raise $192M in a joint round to boost cloud security business. May 17, 2023
  38. ↑ Austin Inno Eagle Eye Networks Named Fastest Growing Video Surveillance Company by Deloitte November 7, 2019
  39. ↑ Security Sales & Integration Eagle Eye Networks Named Fastest Growing Video Surveillance Company by Deloitte November 19, 2020
  40. ↑ Security Sales & Integration Deloitte Names Eagle Eye Networks Fastest Growing Video Surveillance Company for 3rd Consecutive Year November 23, 2021
  41. ↑ Deloitte Technology Fast 500 Rankings 2023 retrieved 7.17.24
  42. ↑ Security Info Watch Brivo acquired by Eagle Eye Networks Founder Dean Drako for $50M June 11, 2015
  43. ↑ The Robot Report What’s Behind the Acquisition of Cobalt Robotics by Dean Drako June 5, 2024
  44. ↑ Channel Futures Eagle Eye's Dean Drako Grabs Brivo In $50 Million Deal June 11, 2015
  45. ↑ Security Sales & Integration Brivo Receives $75M Credit Facility From Runway Growth Capital. November 8, 2022
  46. ↑ TechCrunch Eagle Eye Networks and Brivo raise $192M in a joint round to boost cloud security business. May 17, 2023
  47. ↑ SDM Mag Dean Drako Expands Security Portfolio With Acquisition of Cobalt AI Jun 4, 2024
  48. ↑ "Leadership - Drako Motors Inc". Archived from the original on 2016-09-11. Retrieved 2016-09-07.
  49. ↑ ”Drako Motors Debuts Company and Introduces Drako DriveOS Platform for Electric Sports Cars”
  50. ↑ "The Latest EV Startup Promises a 206-MPH Four-Seater With 6490 Lb-Ft of Torque". Road & Track. 20 June 2019. Retrieved 2019-06-25.
  51. ↑ "Another EV startup is introducing a sports car with over 1,000 horsepower". Autoblog. Retrieved 2019-06-25.
  52. ↑ "Barracuda Networks founder plans to unveil electric 'supercar' this summer". www.bizjournals.com. Retrieved 2019-06-25.
  53. ↑ "The Drako GTE electric supercar allegedly boasts 6,491 lb.-ft. of torque". Driving. 2019-06-23. Retrieved 2019-06-25.
  54. ↑ Automobile Mag Automobile's 20 Best Car Stories of the Year
  55. ↑ Inside Evs See All The Slick And Wild EVs Revealed In Pebble Beach.
  56. ↑ Car and Driver $290,000 Drako Dragon EV SUV Packs 2000 Horsepower, Gullwing Doors. Retrieved Dec 28, 2022
  57. ↑ MotorTrend 2,000-HP Drako Dragon Makes Case For Being Least-Hinged Electric SUV Ever. Retrieved Dec 28, 2022
  58. 1 2 "2015 IRS Form 990 for EIN 47-3017917, Permrecord Foundation" (PDF). 2016. Retrieved 2022-10-24.
  59. 1 2 3 4 "2019 IRS Form 990 for EIN 47-3017917, PermRecord Foundation" (PDF). 2020. Retrieved 2022-10-24.
  60. ↑ "Knowledge Base / Permanent Legacy Foundation / About Us / Brand Assets". 2022-10-14. Retrieved 2022-10-24.
  61. ↑ Ernst & Young Entrepreneur of the Year Hall of Fame:
  62. ↑ SP&T News: Dean Drako recognized with Entrepreneur Of The Year Gulf South Award | 2024-06-19
  63. ↑ Security Systems News: Goldman Sachs names Eagle Eye Networks founder one of '100 Most Intriguing Entrepreneurs of 2014' Oct 2014
  64. ↑ Michigan Engineering Advisory Board members
  65. ↑ Commencement Speaker University of Michigan Engineering graduation speakers. Retrieved 2024-07-16.
  66. ↑ Berkeley Engineering Channel Retrieved May 2014
  67. ↑ Richard Newton Distinguish Lectures Retrieved July 16, 2024
  68. ↑ Kathryn Kranen elected chair of EDA Consortium EETimes 2012-06-01
  69. ↑ Gale Academic: EDA Consortium Elects Officers and Board Members | 2014-06-09
  70. ↑ EDA Cafe: Electronic System Design Alliance Elects Board of Directors to Two-Year Term | 2016-05-25
  71. ↑ Semi: ESD Alliance Elects 10-Member Governing Council | 2019-05-08
  72. ↑ 3D in Cities: ESD Alliance Names 10-Member Governing Council to Two-Year Term | 2021-05-20
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