Evolv Technology, a US-based touchless screening technology developer backed by corporates Motorola Solutions and Stanley Black & Decker, agreed a reverse takeover with special purpose acquisition company NewHold Investment Corp on Monday.
The transaction will give the merged company a post-transaction pro forma enterprise value of $1.25bn and the spot on the Nasdaq Capital Market taken by NewHold when it floated in a $150m initial public offering in August 2020.
Communications equipment maker Motorola Solutions, Magnetar Capital, Eldridge, Senator Investment Group, UBS O’Connor and various individuals are backing a $300m private investment in public equity (PIPE) financing deal that will support the merger.
Founded in 2013 and spun out of Duke University, Evolv provides touchless security screening systems that utilise its proprietary artificial intelligence technology. In addition to being faster than existing security systems, it has clear benefits in a world afflicted by coronavirus.
Evolv’s chief executive, Peter George, said: “Evolv Technology was built with a mission to make people safer in their everyday lives – whether at work, in stores, stadiums, concert halls, theme parks or schools.
“In a world where increasing weapons violence and health threats imperil human security, our platform identifies threats before they cause harm, without the invasive pat downs, wands and bag checks experienced with traditional metal detector technology.”
The company’s most recent equity funding came in August 2020 when tool producer Stanley Black & Decker invested an undisclosed amount through its Stanley Security and Stanley Ventures subsidiaries.
Finback Investment Partners and existing investors DCVC (Data Collective), General Catalyst Partners, Lux Capital, SineWave Ventures and Bill Gates had supplied $30m in series C funding for Evolv in January the same year.
Evolv’s earlier investors include Osage University Partners, and it revealed Motorola Solutions’ status as a shareholder this week.
Image courtesy of Evolv Technologies, Inc.
