Passport Systems Inc., a developer of non-intrusive container scanning system, said Monday it has completed a $22 million equity round of financing from a group of private, corporate, and institutional investors.
The funding is intended to accelerate the commercial release of its advanced Cargo Scanning System and its mobile Networked Detector System product lines.
"This financing represents an important financial and strategic milestone for the company,” said Passport CEO Robert Ledoux. “We welcome our new investors and look forward to their contributions to the company."
Passport’s scanning system has the capability to analyze the composition of materials and identify the contents of a container, including commercial items, contraband, fissile materials, explosives, and other materials.
The company has also developed a mobile Networked Detector System that automatically can locate, track, and identify sources of radiation in real time.
Passport has previously been contracted by the U.S. Department of Homeland Security for the deployment of a fully operational cargo scanning system. This system is scheduled to be operational in mid-2014. - Eric Johnson