Xenith, LLC has raised $10.5 million in equity financing from its existing investors. The company said the funds will be used to continue the company's research and development activities for head protection applications, as well as expand its production, sales and marketing capabilities.
Xenith was founded in 2004 by Vin Ferrara, a former Harvard University quarterback with medical and business degrees from Columbia University. Ferrara and Xenith developed a unique, patented system called Xenith Adaptive Head Protection, which features an adaptive snug fit system and adaptive air-cell shock absorbers.
The company's first product, The X1 Football Helmet, has been worn since its certification in 2007, and the company said it is rapidly gaining market share at all levels of football participation. The company sold approximately 12,000 X1s in 2009, its first official year of sales, and doubled its sales in 2010.
“Our investor group has confirmed its confidence in Xenith and the direction we are taking as a company,” said Vin Ferrara, Founder and CEO. “We are committed to developing the industry's most innovative head protection while delivering much needed education as well. Xenith has the momentum to greatly expand our presence in football
and to introduce our technology to other markets.”
The company is currently launching its second product, the X1 Batting Helmet, for baseball and softball; this product has already been deemed the Official Batting Helmet of the High School Baseball Coaches Associations in six states.
“We see great opportunity for Xenith and its technology, which is without question, the most innovative head protection system on the market,” said Xenith Chairman John Duerden. “The Xenith team has shown outstanding leadership and capabilities. We will continue to provide the company the support needed to solidify Xenith's position
in the football market and to expand into new markets.”
