Security Firm Backed by Bill Gates Goes Public With $1.7B Merger
Evolv Technology, a venue and crowd security company backed by Bill Gates, is taking steps to go public in the second quarter of 2021.
The Massachusetts-based company has said it is combining with NewHold Investment Corp. in a deal that will give it a valuation of about $1.7 billion. Evolv said it expects to trade on the Nasdaq under the ticker “EVLV,” The Wall Street Journal reported.
Evolv uses sensors and artificial intelligence (AI) to scan visitors to venues, pitched as an alternative to screening via traditional metal detectors.
Formed in 2013, its visitor-scanning technology was initially made with the aim of giving “confidence and peace of mind” to people visiting public spaces or venues, it’s website says, claiming it has screened more than 50 million people in the past two years.
