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Liberty Defense Holdings, (“Liberty Defense”), a leader in security and weapons detection solutions, is announcing that it closed a $7 million CAD private placement to commercialize the HEXWAVE product. This system uses active 3D imaging technology for covert and overt weapons detection. Canaccord Genuity Corp. acted as the lead agent.
The funds will be used to establish the Atlanta-based engineering center to further develop and commercialize the HEXWAVE product. Liberty Defense has been granted an exclusive license from MIT Lincoln Laboratory to commercialize this technology.
“The response from the investment community has been overwhelmingly positive,” said Bill Riker, CEO of Liberty Defense. “There is real commitment to solve the issues surrounding public safety that have proliferated in recent years, and this detection system offers an innovative approach for this challenge with the HEXWAVE product.”
The HEXWAVE product offers key advantages:
- Modular and scalable architecture to match customer throughput and facilitate multiple entry point screening that works both indoors and outdoors
- 3D image information and machine learning produce high fidelity, real-time threat images that are assessed using artificial intelligence (AI)
- Sensors can be concealed within walls or built discreetly into the design of almost any entry or pathway
- Greater depth of detection range provides security teams with layered defense, increasing stand-off time to counter threats before they infiltrate the premises
“Over the coming months, our team will be discussing opportunities to collaborate with external parties for alpha and beta testing of the product. We are exploring both public and private urban infrastructure partners which have an interest in being the first to deploy this HEXWAVE technology,” added Riker.
Market demand for global explosives and weapons detection systems in these vertical markets is expected to grow to over $5.2 billion by 2020 and steadily increase to over $7.5 billion by 2025. (Homeland Security Research Corp.)