GScan grows company value to 15 million euros to develop customs and security 3D scanners

GScan, a deep tech company that develops cosmic ray 3D scanners for security and cargo scanning, is announcing a €500,000 investment round led by Indrek Kasela, one of the most active angel investors in Estonia. The value of the fast-growing company is estimated at 15 million euros.

GScan is working with customs, universities, research centers, and security companies in Europe to develop an autonomous state-of-the-art cosmic ray 3D scanner that fits well within the existing infrastructure to enable quick adoption.

GScan counts a list of innovation advocates, like Pipedrive co-founder Martin Tajur and Bolt’s first investor Toomas Bergmann, among its investors. Martin Tajur commented: “GScan is about creating the future. In the areas where we can do without harmful X-rays, we should do it. The team has created a new technology and identified an interest in a new product. By combining the two, a cleaner world can be achieved, literally.”

Today, the market for security and cargo scanning is estimated to be $15 billion. US Homeland Security tests have shown only a 5% efficiency to find concealed weapons and explosives at airport security. The most widely used technology for scanning vehicles, ranging from vans and trucks to railcars, is gamma-ray and X-ray radiography based on radioactive sources – both with notable shortcomings in their ability to detect materials and guarantee safety.

While X-ray scanners are dangerous and unable to detect material types, scanning technology that is based on the naturally appearing cosmic rays has shown a 90% efficiency in detecting hazardous materials. GScan applies the natural flux of particles originating from the upper atmosphere to scanning technology to reduce risks to human health and significantly increase detection efficiency. 

The developed hardware works with small parcel scanners to large truck and sea container scanners alike, making the product scalable beyond security and cargo scanning and applicable to many other industries in the future, such as construction and medicine. The new scanner technology can be used in public settings, and works through any shielding; its AI-driven decision-making allows for fully automated inspection.

Andi Hektor, co-founder of GScan, commented: “The global increase in terrorist attacks has led to a focus on creating safer environments. Our scanners offer a safe and automated solution to upgrading security against all sorts of weapons and illegal transport of goods and people. With the new sensor technology, we can use AI to ‘see’ into people, vehicles, and freight containers to find dangerous materials or hidden occupants. We can even inspect buildings and bridges to make sure their structure is safe and durable.”

As public safety has become a global priority, the European Commission signed an agreement with the University of Tartu, GScan, and several partners earlier this year to support a joint international project SilentBorder with €7.5 million. The project will run through 2025 and build a scanner based on natural radiation for sea containers and trucks.

 

About GScan

GScan is a deep tech startup that aims to bring a new type of 3D scanner and tomograph to the market that uses only natural radiation to scan. GScan international team combines top-level skills on security business, AI, tomographic algorithms, detector tech and holds patented algorithms for object detection and material identification. 

What distinguishes GScan equipment from existing X-ray equipment is the complete automation and high material detection capability. GScan’s first product is a security and customs scanner with a capacity of two cubic meters. The product will be completed in the summer of 2022 and tested in collaboration with Estonian Customs. GScan has received various grants totaling over € 3 million, including a €500,000 angel investment round on the company’s valuation of € 15 million, completed in October 2021.

 

Media coverage:

Arctic Startup

https://arcticstartup.com/estonian-deeptech-startup-raises-e500k/

 

The Baltic Times

https://www.baltictimes.com/estonia-based_gscan_closes_a__500k_investment_round_to_improve_safety_and_efficiency_in_security_and_cargo_scanning/

 

Emerging Europe

https://emerging-europe.com/business/made-in-emerging-europe-gscan-humans-ai-gelatex-docplanner-packhelp/

 

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https://bulletintribune.com/estonia-based-gscan-closes-a-e500k-investment-round-to-improve-safety-and-efficiency-in-security-and-cargo-scanning/

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