Xtract One funded by notable NYC fan of biometric surveillance

Canadian biometric access management firm Xtract One has received a financial infusion from Madison Square Garden Sports Ventures.

It is not a lot — C$13.4 million (US$10 million) – but for people trying to find out if Xtract is selling software and hardware to Madison Square Garden Entertainment, parent of MSG Sports, which owns MSG Sports Ventures, the news seemed to be a good indication.

Xtract One was introduced as the new name for Patriot One Technologies near the end of 2022, with the CEO noting in a blog post that the connotations of the name being retired are increasingly fraught.

The investment will come in two tranches of C$8.4 million now and C$5 million when U.S. and Canadian regulators approve the idea.

The venture fund, which held no share previously, now controls about 10.9 percent of Xtract One’s outstanding common shares on a non-diluted basis, and 19.69 percent on a partially diluted basis.

MSG Sports only manages teams (including the NBA New York Knicks and the NHL New York Rangers). MSG Entertainment handles sports and other venues, and the same man, James Dolan, controls both organizations.

Dolan has been using facial recognition surveillance to block entrance to MSG Entertainment venues to all attorneys working for law firms representing those who oppose him in court.

Given the focus on MSG Entertainment’s unique biometric access management policies, it is useful to note that Xtract has a product, Multi-Sensor Gateway, that goes by the initials MSG, something that has excited those spelunking these corporate depths. It is not a reference to Dolan’s fiefdom.

MSG Entertainment does not have Xtract One products, according to a source with direct knowledge who spoke on background because the company does not want to comment officially. Does MSG Sports have the company’s products? The word “no” is not uttered.

Article Topics

AI  |  biometrics  |  investment  |  Patriot One  |  stocks  |  video surveillance  |  Xtract One