Evolv Technology develops AI-powered weapons-detection hardware and software sold through long-term subscription contracts, with its flagship product Evolv Express. The company says Evolv Express is deployed at over 400 customers across education, healthcare, professional sports and other markets. Evolv’s systems have scanned more than 425 million people. Management framed the financing as supporting a rapidly growing subscription offering and enabling a capital-free SaaS model by offsetting cash used to fund hardware purchases from its contract manufacturer. Evolv has been awarded the U.S. Department of Homeland Security SAFETY Act designation as a Qualified Anti-Terrorism Technology and received a Security Industry Association New Products and Solutions award. The company intends to use the new capital to strengthen its balance sheet and support long-term growth plans. Evolv provides free-flow weapons-screening and threat-detection systems that identify metal and non-metallic objects using artificial intelligence, machine learning and sensor technology. The company is led by new CEO Peter George and co-founder and prior CEO Mike Ellenbogen. Evolv’s systems have screened more than 50 million people and are credited with preventing more than 5,000 weapons from entering schools, stadiums, concert halls and other public venues. Installations include Lincoln Center, Oakland Airport, Gillette Stadium, L.L. Bean and Spartanburg School District Six, among hundreds of other customer locations worldwide. Following a year of record growth, the company plans to use new funding to expand sales, marketing, customer support, channel programs and product development. Total funding in the company now exceeds $75 million. Evolv Technology offers the Mosaiq™ Platform, which integrates real-time video surveillance with low false alarms, walkthrough firearm and explosive detection, facial recognition, and security analytics. The platform is designed to protect both soft targets and hard assets. The company serves government agencies and private businesses. Founded three years ago by Mike Ellenbogen and Anil Chitkara, Evolv is focused on continuing product development. The company intends to use new funding to expand operations and grow revenue. Evolv Technologies is developing metamaterials-based imaging and detection technology intended for use in airports and other high-risk facilities. The company was spun out by Intellectual Ventures and is led by security imaging industry veteran Mike Ellenbogen. Its portfolio of intellectual property was invented by Intellectual Ventures in partnership with Duke University’s Center for Metamaterials and Integrated Plasmonics. Evolv plans to sell and license this IP while commercializing the imaging technology. In August 2013 the company raised $11.8m in funding from backers including Bill Gates, Lux Capital, General Catalyst, and Osage University Partners. Bilal Zuberi of Lux Capital will join Evolv’s board and the company intends to use the proceeds to further develop its imaging technology.

Total raised

$135M

Funding rounds

4

Latest round

Debt Financing

Latest activity

Dec 2022