SeeTrue

AI-Powered Security Screening System

Company Information

Website:

https://www.seetrue.ai/

Sector:

Artificial Intelligence, Security Software

Location:

Israel

SeeTrue sells an Artificial Intelligence-based system for security screening at airports.

This system provides automatic threat detection of suspicious items and assists security personnel with the passenger screening process.

SeeTrue’s proprietary technology is backed by nearly 200 patents, and its team has extensive experience in AI, image processing, software engineering, and security.

Using this company's system, airports can:

• Create a smoother security experience for passengers.

• Ensure a safer flying environment.

• And increase profitability by giving travelers more time to purchase concessions and retail items before their flight.

(Please note: This particular startup is raising funds from accredited investors only. An accredited investor is someone with a net worth of at least $1 million, or annual income of at least $200,000, or $300,000 with their spouse.)

In 2017, airports globally welcomed 4 billion passengers. According to the International Air Transport Association, that number will double by 2037.

This increased travel puts pressure on airports: not just in terms of capacity, but in processing passengers securely and safely.

The problem is that aviation security screening is increasingly costly and labor-intensive. This is due to rising air traffic and the on-going threat of crime and terrorism.

Security screening is also inaccurate and inefficient. An internal investigation conducted by the U.S. Department of Homeland Security in 2017 discovered that screening by members of the U.S. Transportation Security Administration results in missed prohibited items 70% of the time. This is due to a high turn-over rate in the industry (leading to less experienced workers on the job), and the difficulty of remaining vigilant 100% of the time.

Perhaps surprisingly, delays in security lines result in reduced sales and actually harm airports’ bottom lines. Research has shown that even a 10-minute delay at security can reduce passenger spending by 30%.

Given that airports receive almost 40% of revenue from non-aeronautical activities (retail and concession purchases), maintaining efficient and accurate security screening remains a top priority for airports around the world. That’s why Frost & Sullivan, a market research company, projects the global airport security market to reach $12.6 billion by 2023.

Professional investors have taken notice of this industry recently, too, specifically the security software sector. Since 2009, VCs have invested $10 billion into this market, while a handful of companies have achieved enormous success, for example:

Smiths Detection, a company providing X-ray and CT screening systems for checkpoints and checking luggage, generated $960 million in revenue in 2018. This company is a subsidiary of Smiths Group, a UK-based engineering business with a market cap of more than $6.5 billion.

And Rapiscan Systems, founded in 1993, is an American company that markets security inspection systems. This company is part of OSI Systems (Nasdaq: OSIS), which develops security systems.

Where SeeTrue separates itself from these competitors is its use of AI to enhance security measures. Last year, according to Research & Markets, the use of AI in the aviation industry was valued at just $152 million, but is projected to reach $2.2 billion by 2025.

Here’s how the current security screening system works:

Luggage passed through a conveyor belt first enters a security scanner such as an X-ray or CT scan. The scanner produces an image of the contents of the luggage, which is displayed on a monitor screen. A trained security staff member surveys the contents and stops the belt when a suspicious item is identified.

Consequently, the flagged luggage is diverted to the suspect luggage area and opened for further inspection. This type of screening is highly dependent on the security member recognizing the threat, and results in high failure and false alarm rates.

Here’s how SeeTrue’s system works:

The system directly analyzes the images of luggage content from existing security scanners. This system works as an addition to existing security screening equipment, meaning airports don’t need to undergo costly replacements of their current technology.

In addition to the system, two monitor screens are used, one of which is placed next to the security staff’s existing monitor.

The other is placed on the side, where further inspection takes place. When threats such as a gun, sharp object, or explosive is detected, the system automatically alerts the security staff by showing a red banner on its screen. It also points out the threat to the staff by flagging it with a red circle. The staff can then re-check the area and perform further inspection of the luggage.

According to SeeTrue, its system is significantly better than existing solutions, and has proven to identify items with over 95% accuracy. It’s also capable of detecting complex threats, such as explosives in laptops and weapons broken into several pieces.

In addition to its accuracy, SeeTrue’s system enables passengers to keep their items inside their luggage — no more taking laptops and tablets out and placing them into separate bins — thus speeding up the security process.

With respect to its business model, SeeTrue charges airports based on the estimated number of passengers it receives a year. Pricing is 50 cents per passenger.

Since launching in 2018, SeeTrue has set up its system in two airports in Africa, and has 12 airports worldwide in its sales pipeline.

Team Background

Dan Elharrar - Chief Technology Officer

Dan has more than 15 years of hands-on experience in the areas of Artificial Intelligence, Machine Learning, Imagine Processing, and Cyber Security.

Before SeeTrue, he was CTO of Cortica, a technology company that uses learning methods to recognize and analyze digital images and video. Prior to that, he worked at Leadspace, a software company, where he developed language processing algorithms for the company’s predictive analysis platform.

Early in his career, Dan worked for Gita Technologies, a cyber security company, and initially worked for HumanEyes Technologies, a tech company where he developed tools and algorithms for 3D image processing and reconstruction.

He holds a Bachelor’s degree in Computer Science and Linguistics from Hebrew University.

Assaf Frenkel - Co-Founder & CEO

Assaf has led technology-related companies for more than 20 years.

He was the Founder and Head of the Mobile Engagement Business Unit at NICE Systems (Nasdaq: NICE), where he led Strategy and M&A for the security and surveillance company.

Prior to that, he co-founded Mybitat, an “Internet of Things” analytics startup using machine learning to study behavior routines of senior citizens. Before that, he was Vice President of Product & Marketing for CallVU, a startup focused on digital engagement.

Earlier in his career, Assaf was Managing Partner at Ridge Global Capital Group, an investment fund focused on Israeli cyber security technology, and was an investment professional at Gemini Venture Capital.

He served in the Israeli military and earned a Bachelor’s degree in Electronic Engineering and Computer Science from Tel Aviv University.

Avi Biran - Co-Founder & Chief Strategy Officer

Avi has an extensive background in technology and held senior leadership roles with the Israeli Defense Force.

Before starting SeeTrue, he founded Cyber Odysseys, a cyber security company that worked with Fortune 100 clients to set up security systems.

Avihood Ben-Ari - Co-Founder & Executive Chairman

Avihood started SeeTrue following a lengthy career in the Israel Defense Forces. While there, he served in the Elite Special Operation Division and attained the rank of Brigadier General.

He earned a Bachelor’s degree in Legal Studies and a Master’s degree in Government and Homeland Security.

Co-Investors

Raising
$2.2 million
Committed
$0 (0%)
Current Valuation
$37 million
Min. Investment
$10000
Deal Type
Title II
(For accredited investors only)
Offering Type
Equity
Finance History
Notable Investors
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