Xonar Technology Inc. Raises $5 Million in Advance of Mass Production of Next-Generation Weapons Screening System for Stadiums, Arenas, Hospitals, and Other Venues
Xonar Technology Inc. has secured $5 million in Series A-4 funding for its AI-powered TruePort weapons detection system, which is set to launch in early 2024 after three years of R&D. Led by CEO Hans Hufschmid, who previously sold GlobeOp Financial Services for $1 billion, the company has already deployed systems in Florida venues and is expanding to pilot programs at major east coast arenas.
LARGO, Florida – Xonar Technology Inc. has closed on a $5 million Series A-4 round. The company has developed a next-generation contactless security screening system, Xonar TruePort. Leveraging machine learning and artificial intelligence, Xonar is uniquely positioned to empower security personnel with state-of-the-art screening technology that maximizes throughput and accuracy while minimizing human error.
The technology has been in R&D for the past three years. Xonar is scheduled to deliver TruePort in the first half of 2024.
We are excited that our investors continue to believe in our mission and technology. This oversubscribed round is a reflection of the hard work our team has put in over the past three years, says Hans Hufschmid, Xonar's Chairman & Chief Executive Officer. We are also pleased to welcome various new strategic investors to the company.
Hufschmid has a successful track record of taking companies from idea to billion-dollar exits. He founded GlobeOp Financial Services in 2000 with $13 million. Over the span of the next decade, GlobeOp grew organically to 2,500 employees across three continents, serving 200 clients representing $136 billion of assets under administration. GlobeOp was aquired by SS&C Technologies in a $1 billion transaction in 2012.
Xonar systems, which are already successfully deployed across various entertainment venues in Florida, have received significant interest from owners of major sports teams and stadiums. Pilot testing programs of the latest TruePort machines begin in late 2023 at premier arenas along the east coast.