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.
ABOUT XONAR TECHNOLOGY INC.
Xonar Technology Inc. is at the forefront of security screening innovation, blending advanced multi-sensor technology, cutting-edge image processing, AI, and cloud computing to deliver industry-leading reliability and accuracy. Their flagship product, Xonar TruePort™, has been rigorously tested across venues in Florida. TruePort includes optional facial recognition for an additional layer of security. This compact, portable device seamlessly integrates advanced data analytics and digital ticketing, offering a streamlined, all-in-one screening solution tailored to diverse market segments.
The Department of Homeland Security has designated Xonar TruePort as a Qualified Anti-Terrorism Technology under the SAFETY Act. The National Center for Spectator Sports and Security (NCS4) evaluated Xonar TruePort’s ability to detect concealed weapons. The evaluation matrix covered a wide area of functions, including weapon detection, speed of detection, placement detection, alerts, wireless interface, event reporting, outcome reporting, and user interface. The overall composite score of 2.93, out of a possible 3.00, showed that all capabilities were successfully demonstrated.