Evolv Technology is teaming up with a special purpose acquisition company to go public in a deal that values the crowd security company at about $ 1.7 billion, the companies said.
Supported by investors, including the co-founder of Microsoft Corp. Bill Gates and former Florida Governor Jeb Bush, Evolv is merging with SPAC NewHold Investment Corp.
Headquartered outside Boston, Evolv uses artificial intelligence and data science to track people for weapons and other threats. The company says its platform eliminates the need for devices like metal detectors and physical security checks. It is used in places like Six Flags Entertainment Corp. amusement parks, New York’s Lincoln Center and Gillette Stadium, home of the National Football League’s New England Patriots. Evolv says it has tracked more than 50 million people in the past four years, the second worldwide for the Transportation Security Administration only.