The Spanish startup XRF, a technology company pioneering the use of extended reality and Artificial Intelligence (AI) for decision making in complex scenarios, closes a €2.3 million funding round. The capital increase has the participation of JME Ventures, Kfund, and GoHub Ventures, and will allow the company to accelerate its business plan to lead the development of AI and new technologies, mainly in the field of defense and security.
Barely two years after the start of its project in 2022, XRF has already positioned itself as a leading startup in the development of distributed command and control centers for military operations, as well as for emergency and public safety, including critical infrastructure protection. Its products offer a unified platform to improve the ability to perceive and understand the operational scenario, identify potential hazards and anticipate them.
“Considering that XRF has always been a profitable project, with this capital injection we aim to catalyze, accelerate and consolidate our presence in strategic locations, expand our operations and lead the application of AI in complex scenarios,” says Gustavo Medina, founder and CEO of XRF. “In a dynamic and highly competitive technological environment, we want to become the benchmark in innovation for decision makers in complex situations. And we do this by simplifying complexity, increasing situational awareness, presenting crucial information in a visual and accessible way, and empowering possibilities with decision-making tools,” adds Medina.
One of XRF’s main target markets is the Defense and Security sector, where the startup offers specialized tools for planning, simulation and decision making in military operations and civil security. In this field, the company has already worked for the Spanish Ministry of Defense and together with Telefónica for projects with the Spanish Army and the Navy, developing a unique platform that redefines standards in operational effectiveness and military readiness, with realistic training scenarios in virtual and controlled environments, thus reducing the need for live exercises.
XRF has also been invited to participate in NATO exercises such as Valiant Lynx, and has been part of the Coalition Warrior Interoperability Exercise (CWIX), where it was selected as a Top Ten Innovator among more than 500 projects.
Both projects fall under its XRF Defense business line, which merges the tools XRF.SandBox, a comprehensive platform of data from multiple sources in a single interface; XRF.Field Companion, a mobile application through which deployed units superserve, communicate and receive information in real time; and XRF.Colossus, a giant touch screen in the form of a table to improve the control of operations in an immersive way. The company has developed XRF.Hermes, its on-premises AI system and core of the solutions as a central processor, performing advanced analysis, interpreting scenarios and making recommendations in natural language.
The technology company is also working on the XRF for Emergencies and XRF Security lines. XRF for Emergencies focuses on emergency and disaster management, combining tools for coordination and execution during natural events or long-term emergency situations, such as forest fires. It was the first line of business that this startup of Canary Island origin developed, when a mixed reality and AI platform was created at the Insular Operational Coordination Center on the island of La Palma. XRF Security strengthens security in critical environments, providing police, firefighters and critical infrastructure operators with effective surveillance tools.
XRF is present in Spain and the United States, with offices in Madrid, Las Palmas de Gran Canaria and Miami. It has a team of 35 employees, multidisciplinary and international to offer services in strategic locations worldwide in an efficient and adaptable way to contexts and challenges anywhere. The investment funds that support its financing highlight the growth potential of this startup in a context marked by growing investment in defense and security technology.
“We are excited to support XRF in their mission to deliver a platform that significantly improves critical decision making by presenting information in a much more accessible way. Their solution comes at an ideal time, leveraging the rise of AI and virtual reality to transform operations management in key sectors such as defense and industry,” states Pepe Vilanova, Principal at JME Ventures. “XRF has demonstrated remarkable commercial traction and we have full confidence in its ability to continue developing products that respond to the growing technological demands of these sectors,” concludes Vilanova.
In the words of Inés Calabuig, Managing Partner of GoHub Ventures, “our investment thesis is based on technologies applicable to various sectors that enable process and quality improvement. We invested in XRF because of the importance of its technology for both the defense sector and the private sector, where the generation of digital twins is of vital importance. Added to this are the synergies that the startup already has with other companies in our portfolio, something fundamental that we always look for in all GoHub Ventures investments.”
Pablo Ventura, General Partner at Kfund, says, “we’ve known Gustavo for years and have always been impressed by his clear vision and technical expertise as a serial entrepreneur. XRF has already secured early traction and developed an exciting pipeline. We are very proud to be part of this next stage in their journey.” Ventura adds, “with the defense industry set for unprecedented growth in Europe over the coming years, nations are increasingly prioritizing domestic technological capabilities to reduce reliance on external suppliers. This is a sector we’re closely monitoring, as it promises to present some truly compelling opportunities.”
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