Evolv Technology Starts the Quarter in Record Fashion, Closing $24 Million in New Funding and Adding Accomplished CFO

Evolv Technology, the Leader in Free-Flow Threat Detection, Continues Upward Momentum

WALTHAM, MA – October 31, 2019 – Following last month’s successful Evolv Express product launch, Evolv Technology continues to build momentum with $24 million in new funding just days after hiring accomplished CFO Peter Faubert.

Evolv Technology, a Boston area start-up founded in 2013, has launched its second proven weapons-screening systems to stop mass casualty threats. Evolv’s products, which are designed to address the active shooter, workplace violence and terrorism epidemic without the hassle of traditional security screening, return confidence and peace of mind to security professionals and visitors around the world. Evolv plans to use the additional funding to support operations and capital needs as the company scales to support the rapid adoption of Evolv’s revolutionary weapons-screening capability.

“We’re truly fortunate to have strong investment partners who share our vision. This most recent funding will enable the company to scale quickly to support the need for improved security in venues across industries.”

“We started Evolv to develop truly seamless technology to detect anyone attempting to carry a weapon or other threat into venues without slowing the flow of visitors or employees. Public landmarks, workplaces, stadiums, schools and other venues are quickly adopting Evolv’s free-flow weapons-detection systems to solve today’s mass vulnerability problem.” states Mike Ellenbogen, Chief Executive Officer of Evolv Technology. “We’re truly fortunate to have strong investment partners such as Bill Gates, General Catalyst Partners, Lux Capital, Data Collective, SineWave Ventures, Finback Investment Partners, and others who share our vision. This most recent funding will enable the company to scale quickly to support the need for improved security in venues across industries.”

In addition to the $24 million preferred stock financing closed on October 16, Evolv anticipates raising additional funds at a second closing later this quarter. The company expects to grow its team as it continues to expand its breadth of solutions, fine-tune its AI capabilities, and stop new threats as they are discovered.

ABOUT EVOLV TECHNOLOGY

Evolv Technology, the leader in free-flow threat detection, has screened more than 25 million people to-date, preventing visitors from bringing more than 5000 weapons into public venues and places of work globally. Organizations such as Lincoln Center, Oakland Airport, Gillette Stadium, and LL Bean use Evolv’s free-flow weapons detection to prevent active shooters and terrorists from entering their venues while providing a non-intrusive experience. By fusing the latest sensors and Cortex AI, Evolv delivers the only weapons detection smart enough to screen thousands of people without the need to stop and empty pockets or remove bags. Evolv eliminates the need to choose between safety and convenience, reducing the burden on security teams and taking the hassle out of people screening at places of work, schools, sports stadiums, entertainment venues, hotels and conference centers, airports, houses of worship, and government agencies. For more information, visit www.evolvtechnology.com

MEDIA CONTACT

Julie Zomar 
Evolv Technology
P: 781-374-8100
E:  media@evolvtechnology.com