- Patriot One (PAT) has secured US$2M from Raytheon to develop its AI platform for threat and weapon detection
- The financing was made under the Government of Canada’s Industrial and Technological Benefits Policy (ITB) as a result of its procurement of the CF-18 Hornet radar upgrade
- The ITB Policy requires companies awarded defence contracts to do business in Canada equal to the value of their contracts
- Patriot One Technologies makes unobtrusive, AI-driven weapons and threat detection systems
- Patriot One (PAT) is up by 2.27 per cent trading at $0.45 per share
Patriot One (PAT) has secured US$2M from Raytheon to develop its AI platform for threat and weapon detection.
The investment is the second between the company and Raytheon, which is one of the world’s largest aerospace and defence manufacturers.
The non-dilutive cash financing was made under the Government of Canada’s Industrial and Technological Benefits Policy (ITB) as a result of the Government’s procurement of the CF-18 Hornet radar upgrade.
The ITB Policy leverages defence and security procurement to create jobs and economic growth. It requires companies awarded defence contracts to do business in Canada equal to the value of their contracts.
Peter Evans, Patriot One’s CEO, stated,
“We are delighted that Raytheon has selected us for their continued support and their strategic partnership in the development of our threat detection and patron screening solutions. This support again signals the importance of our vision to become one of the foremost proponents and providers of innovative commercial threat countermeasures for community safety.”
Patriot One Technologies makes unobtrusive, AI-driven weapons and threat detection systems.
Patriot One (PAT) is up by 2.27 per cent trading at $0.45 per share as of 9:31 am ET.
