Evolv Technology Company Profile

Background

Mission and Vision

Founded in 2013, Evolv Technology is dedicated to making the world safer by protecting people from mass shootings, terrorist attacks, and similar violent acts. The company's mission is to transform physical security with advanced, extensible solutions that meet modern standards of venue safety. Evolv envisions a world where dignified security is an innate part of daily routines, ensuring peace of mind and safety as fundamental rights in all spaces.

Industry Significance

Evolv Technology has emerged as a leader in AI-based weapons detection security screening, providing solutions that enhance safety without compromising the visitor experience. The company's systems have screened over 2 billion people since 2019, detecting more than 400,000 weapons in 2023 alone. Evolv's technology is trusted by hundreds of iconic venues and public spaces worldwide, including schools, hospitals, and workplaces across the U.S.

Key Strategic Focus

Core Objectives and Specialization

Evolv Technology focuses on transforming human security by integrating advanced technologies to create safer environments. The company specializes in AI-driven, touchless security screening systems designed to detect concealed weapons efficiently and non-invasively. Evolv's solutions cater to high-traffic areas such as sports stadiums, theme parks, schools, hospitals, and workplaces, aiming to provide seamless security without disrupting the flow of people.

Key Technologies Utilized

Evolv's primary technologies include:

Evolv Express®: A high-throughput screening system capable of scanning up to 4,000 people per hour, allowing individuals to pass through without stopping.

Evolv Insights®: A web-based analytics platform providing security teams with dashboards, analytics, and automated reports to drive operational efficiency.

Evolv Cortex AI™: The underlying software platform that leverages machine learning to continuously improve threat detection capabilities.

Primary Markets Targeted

Evolv Technology targets sectors requiring efficient and non-intrusive security solutions, including:

Education: K-12 schools and universities seeking to enhance campus safety.

Healthcare: Hospitals and medical facilities aiming to protect staff, patients, and visitors.

Entertainment and Sports Venues: Stadiums, concert halls, and theme parks needing to screen large crowds efficiently.

Workplaces: Corporate offices and industrial sites focusing on employee safety.

Financials and Funding

Funding History

Evolv Technology has secured significant funding to support its growth and innovation:

Series C Funding (January 2020): Raised over $30 million, including investments from former Florida Governor Jeb Bush's firm, Finback Investment Partners, and existing investors such as Bill Gates, DCVC, General Catalyst Partners, Lux Capital, SineWave Ventures, and others.

Public Listing (July 2021): Completed a business combination with NewHold Investment Corp., resulting in a pro forma enterprise value of approximately $1.3 billion and total equity value of approximately $1.7 billion. The transaction provided approximately $385 million in gross proceeds.

Intended Utilization of Capital

The funds raised have been allocated to:

Expanding sales, marketing, and customer support.

Enhancing product development and innovation.

Scaling operations to meet increasing demand.

Pursuing strategic partnerships and acquisitions to accelerate growth.

Technological Platform and Innovation

Proprietary Technologies

Evolv Technology's proprietary technologies include:

Evolv Express®: A touchless security screening system that uses advanced sensors and AI to detect concealed weapons without requiring individuals to stop or remove personal items.

Evolv Insights®: An analytics platform that provides security teams with real-time data and insights to enhance decision-making and operational efficiency.