(Reuters) – Evolv Technology, a provider of crowd security technology backed by Bill Gates, will go public through a merger with a blank check company in a deal that values the combined company’s equity at about US $ 1.7 billion, the companies said on Monday.
The deal with NewHold Investment Corp will provide the merged entity with $ 470 million, including a private investment of $ 300 million.
In addition to Microsoft Corp. co-founder Gates, Evolv is also supported by venture capital firm General Catalyst.
The Waltham, Massachusetts-based company uses AI technology and sensors to examine people in public spaces, including stadiums, hospitals, schools and entertainment venues, eliminating security gaps presented by metal detectors, according to its website.
Niket Nishant’s report in Bengaluru; Editing by Vinay Dwivedi