March 27, 2017 – Existing shareholder Mainport Innovation Fund and a group of private investors have invested EUR 1.8 million in the Dutch technology firm Eye on Air, which develops technology for fast screening for explosives of passengers and luggage. Eye on Air will use the investment to expand its development team and to start marketing of its products in 2017. As a transaction lawyer, Lexence advised Mainport Innovation Fund B.V. and a number of private investors on their investment in Eye on Air B.V.
Corporate / M&A
Detection of minimal quantities (‘traces’) of explosives is known as Explosive Trace Detection. Airports and safety authorities around the world have expressed a keen interest in such detection. Eye on Air technology will contribute to solving a major dilemma at airports: adequate protection of citizens at airports through fast and efficient detection of explosives, resulting in the least amount of inconvenience possible, such as waiting times and physical contact. Eye on Air has received a subsidy from the innovation team of the Dutch Ministry of Security and Justice and an innovation credit from the Netherlands Enterprise Agency (RVO) for the development of explosive detection equipment at airports. Eye on Air has also received a loan from the Proof of Concept fund, which is managed by Kennispark Twente.
“Eye on Air will use the investment for the further development of products for rapid screening of passengers and luggage, and market introduction of these products in the course of 2017,” says Ewout Maaskant, CEO of Eye on Air. The investment enables us to expand our team with mechanical, electrical and software engineers. We will also look at other applications for our highly sensitive sensor technology, such as early detection of leaks of volatile substances in pipes, or detection of contaminants in the ambient air.”
Bram Ledeboer of Mainport Innovation Fund says, “Eye on Air is led by an experienced and dedicated team. In cooperation with our partners Schiphol and KLM, we support Eye on Air in its ambition to become a leading technology company in the area of trace detection with an initial focus on security at airports.”