Xytrans Inc. Receives Investment From the UPS Strategic Enterprise Fund
Tuesday November 28, 1:00 pm ET
ORLANDO, Fla., Nov. 28 /PRNewswire/ -- Xytrans, a leading provider of millimeter wave (MMW) sensors used in people-screening and facility security applications, announced today that the UPS Strategic Enterprise Fund has made an investment in the company. Other investors participating in the financing include previous investors Alliance Technology Ventures and Crossbow Ventures. Terms of the investment were not disclosed.
"We are pleased to have UPS as an investor," said Jim Young, President and Chief Executive Officer of Xytrans. "Working closely with UPS, we will be able to better understand how passive and active MMW sensors, as well as the systems in which they are used, can be deployed by corporations to better provide security for their personnel and facilities here in the US and abroad."
The detection of concealed items -- weapons, explosives, or contraband -- under or within clothing is one of today's greatest security challenges. Millimeter waves, on the frequency spectrum between microwaves and infrared waves, readily and safely penetrate plastics, clothing, luggage, paper products and other non-metallic materials, making MMW systems vital for concealed items detection, and the emerging preferred approach. Xytrans is a market leader in both passive and active sensors used in these systems. Xytrans has developed passive sensors that are several times more sensitive than other competing products, and has already shipped hundreds of these sensors for deployment worldwide.
"Safely identifying concealed weapons and other items using MMW technology is an area of interest for UPS," said Alan Koenning, UPS Strategic Enterprise Fund manager. "Our investment in Xytrans is a key step in understanding how this emerging technology may be used potentially in the transportation and logistics industry to enhance employee, customer, and facility security."
About Xytrans, Inc.
Xytrans, Inc., headquartered in Orlando, FL, is a leading millimeter wave (MMW) technology provider for military, homeland security, and commercial markets. Originally a spin-off from Lockheed Martin Missiles & Fire Control, Xytrans is the beneficiary of over $200M investment in MMW technology over 20 years. This battlefield-proven MMW technology provides the commercial and military security market with advanced products for concealed weapons and explosives detection. Xytrans is the world leader in commercialization of W-band products and has shipped hundreds of 100 GHz sensors.
For more information, please visit www.xytrans.com or contact Xytrans at 407.345.8008.
About The UPS Strategic Enterprise Fund
The UPS Strategic Enterprise Fund is the private equity strategic investment arm of UPS. The Fund is a corporate venture capital group which focuses on developing critical partnerships and acquiring knowledge returns from its investments in information technology companies and emerging market spaces. UPS is the world's largest package delivery company and a global leader in supply chain services, offering an extensive range of options for synchronizing the movement of goods, information and funds. Headquartered in Atlanta, Ga., UPS (NYSE: UPS - News) serves more than 200 countries and territories worldwide with information available at www.ups.com.
Source: Xytrans, Inc.
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