Evolv Technology Raises $30 Million in Growth Capital from Former Florida Governor Jeb Bush and Others to Accelerate Leadership in Human Security Market
Promotes Cybersecurity Veteran Peter George to CEO | Co-founder Mike Ellenbogen Establishes Evolv’s Advanced Technology Lab to Drive Next Generation of Innovation and Products
WALTHAM, MA – January 8, 2020 – Evolv Technology today announced several strategic moves to scale its operations to meet the unprecedented demand for its category-redefining free-flow weapons-screening and threat detection systems. Capitalizing on artificial intelligence, machine learning and sensor technology to ensure the safety of millions of people worldwide, the company’s systems are in use at Lincoln Center, Oakland Airport, Gillette Stadium, L.L. Bean, Spartanburg School District Six in South Carolina and hundreds of other iconic customer locations around the world.
Evolv’s Series C funding now exceeds $30 million and includes former Florida Governor Jeb Bush’s firm, Finback Investment Partners. Existing investors Bill Gates, DCVC (Data Collective), General Catalyst Partners, Lux Capital, SineWave Ventures and others also participated. The funds will be used to expand sales, marketing, customer support, channel programs and product development following a year of record growth. Total funding in the company now exceeds $75 million.
“Mass shootings in our country and Florida like the ones that took place at Marjory Stoneman Douglas High School, the Pulse nightclub and just last month at the Naval Air Station in Pensacola are happening more frequently around the world,” Bush said. “Evolv has reinvented what’s required in physical security systems to protect innocent people. Outdated, legacy systems just don’t meet the need.”
About Evolv’s AI-based Weapons-Screening and Threat Detection Systems
Second only to the TSA, organizations using Evolv’s systems have screened more than 50 million people – protecting the public by preventing individuals from bringing more than 5,000 weapons into schools, sports stadiums, concert halls, places of work, houses of worship and other public venues. The company’s product suite includes Evolv Express™ and Evolv Edge® systems. Unlike metal detectors and other legacy screening products, Evolv’s systems can identify metal and non-metallic objects and are the world’s fastest, most accurate and least intrusive weapons detection systems.
Powered by the Evolv Cortex AI Software Platform, Evolv’s systems become increasingly more intelligent as new threat profiles are discovered and leverage patented threat classification software paired with a sensor network. This approach instantly distinguishes between actual threats such as firearms, plastic explosives, knives or bombs and everyday items such as cellphones, car keys and wallets. Notably, through its open API, Evolv’s systems can integrate seamlessly into an organization’s security ecosystem.
Evolv’s systems screen hundreds to thousands of people per hour – 10 times the amount of any other screening products. Importantly, the systems provide a user-friendly experience by precluding the need to empty pockets, remove belts, check bags and other cumbersome procedures. Individuals and groups alike simply walk through. If a threat is detected, the Evolv system instantly identifies for security staff the person in question and the exact location where the object is located. This maximizes risk reduction while optimizing security staff resources.
About Evolv Technology
Evolv Technology is the leader in human security. The company is dedicated to making the world a safer place by helping to protect innocent people from mass shootings, terrorist attacks and similar violent acts. Evolv’s AI-based, free-flow weapons-screening and threat detection systems work at the pace of life to accommodate thousands of individuals and groups per hour – screening 50 million people to date in a rapid, undisruptive manner while preventing more than 5,000 weapons from entering a range of public and private facilities. Evolv’s customers include hundreds of top entertainment venues, schools, international airports, stadiums, corporations, hospitals, large-scale events and national landmarks around the globe. Led by a team of security industry thought leaders with a track record for delivering first-to-market products, the company holds more than 100 patents. For more information, visit https://evolvtechnology.com/.
# # #
CHEN PR for Evolv