Patriot One Technologies announced a partnership with Raytheon Canada Limited (RCL) to extend developmental innovation of Patriot One’s threat detection technology and product pipeline.
RCL will fund Patriot One with $3 million CAD in non-dilutive cash financing for further development of the PATSCAN Cognitive Microwave Radar (CMR). The initial program is part of a Canadian Industrial and Technological Benefits (ITB) transaction, with the potential for further partnering with Raytheon on development and marketing initiatives.
“Raytheon has been a leader in developing radar technology since World War II. One of our missions is seeing the unseen which complements Patriot Ones’ concealed threat detection solution,” stated Terry Manion, RCL’s vice president. “Supporting Canadian innovation through the Federal Industrial and Technological Benefits Policy provides current and future opportunities to create high-value jobs and economic growth throughout Canada”.
Since 1956, Raytheon has been a partner to Canada, providing solutions for the nation’s defence and security sectors while investing in innovation and economic development across the country. This non-dilutive cash investment will not only expand the development of Patriot One’s PATSCAN CMR but will also allow key learnings derived from the principal threat detection solution to help advance other covert technologies, all with the goal to harden facilities without creating fortress-like environments.
“We are thrilled to announce this strategic partnership,” commented Martin Cronin, CEO and President of Patriot One. “This financial support definitely signals the serious nature of our vision to create a world safer from acts of violence.”
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