Xtract One Technologies, a Toronto-based provider of AI-enabled frictionless security screening solutions, announced it has received an investment totaling $10 million from Madison Square Garden Sports Corp.

The initial investment of $6.3 million is effective immediately, with the subsequent investment of $3.7 million being conditional on approval by Xtract One’s shareholders. The company is publicly traded on the Toronto stock market.

The initial and proposed subsequent equity investment will enable Xtract One to further innovate its advanced security solution and accelerate its growth into new market segments.

Xtract One is transforming perimeter screening and security, replacing obsolete walk-through metal detectors with a fast, frictionless entry experience, while simultaneously providing a security solution that delivers exceptional experiences and safer environments.

“We are thrilled to announce this investment and partnership with MSG Sports. We continue to see impressive growth in market interest and customer adoption of our security technology solutions,” said Peter Evans, CEO of Xtract One. “I believe this relationship will create unique opportunities and benefit multiple industries.”

In December 2022, the company changed its name from Patriot One Technologies to Xtract One.