Qylur Intelligent Systems Inc, a startup that provides security screening technology for large venues, is seeking to raise $50 million in an initial public offering of shares on the Toronto Stock Exchange at a $200 million company valuation, Israel’s Calcalist financial website reported, citing people familiar with the matter.
The Palo Alto-based firm filed a preliminary prospectus with the Toronto exchange on March 9, the website said.
Qylur, founded by Lisa Dolev in 2005, has developed the Qylatron — a large honeycomb-shaped machine that aims to increase the safety of large venues such as stadiums, mega events, concerts and amusement parks. The machine was part of the security technologies in place at the Rio 2016 Olympic games.
The machine has hexagonal shaped cubbyholes built around multiple technologies and including thousands of parts and hundreds of thousands of lines of code. It scans for dangerous items and raises an alert when something is out of the norm.
It works like this: After the machine scans the users’ tickets, visitors shut their bags into one of its five little cubbyholes and retrieve them on the other side, once again by scanning their ticket. The machine scans the content of the bags and if its light is green then the door opens and users can take their bags, but if the bags contain an unidentified object or an object that is not allowed into the venue, like water, then the light will turn purple and remain shut until the issue is clarified by a guard.
Qylur, which launched its first commercial product at the end of 2015, has R&D facilities in Israel and Palo Alto.
Investors in Qylur include Wall Street financiers, CEOs and principals of companies, individuals, family funds and a private equity firm, Dolev told the Times of Israel in an interview in September. 2016. The company had raised $32 million at the time.
There was no immediate response to an email sent to the company seeking comment.