What is Evolv Technology?
Evolv Technology Holdings, Inc. specializes in artificial intelligence (AI)-driven security screening solutions, most notably its Evolv Express touchless system designed to detect firearms and other threats. The company also offers Evolv Insights, a platform providing analytics on visitor flow and system performance. Headquartered in Waltham, Massachusetts, Evolv Technology aims to revolutionize security by offering a faster, more effective, and less intrusive screening experience compared to traditional metal detectors. The company's focus on AI and machine learning positions it at the forefront of security technology innovation, addressing critical needs in public safety and access control across various sectors.
How much funding has Evolv Technology raised?
Evolv Technology has raised a total of $167.3M across 7 funding rounds:
Private Equity
$11.8M
Private Equity
$8M
Series B
$18M
Series A
$10M
Series C
$30M
Debt
$14.5M
Debt
$75M
Private Equity (2013): $11.8M, investors not publicly disclosed
Private Equity (2016): $8M, investors not publicly disclosed
Series B (2017): $18M supported by Gates Ventures, General Catalyst, Data Collective, and Lux Capital
Series A (2019): $10M featuring Horizons Ventures
Series C (2020): $30M backed by General Catalyst Partners, Lux Capital, Bill Gates, DCVC (Data Collective), Finback Investment Partners, and SineWave Ventures
Debt (2021): $14.5M, investors not publicly disclosed
Debt (2022): $75M led by Silicon Valley Bank
Key Investors in Evolv Technology
General Catalyst
General Catalyst operates as a venture capital firm focused on identifying and supporting transformational business opportunities across multiple sectors and stages. The firm deploys capital strategically to back entrepreneurs and management teams pursuing ambitious visions that reshape their respective industries.
Lux Capital
Lux Capital is a New York based venture capital firm that raises dedicated funds to invest in earlystage and growthstage companies at the intersection of science and technology, backing founders in frontier areas such as AI, robotics, space, defense, biotechnology, and advanced materials from seed through IPO or acquisition.
Gates Ventures
Gate Ventures Plc has led a 'Series A' bridging round for Ensygnia, the leading provider of secure and frictionless mobile payment solutions, in which it made a strategic investment of £500,000 for an 8.54% stake. Other significant investors in the funding round include prominent US FinTech Accelerator and venture fund, SixThirty.
What's next for Evolv Technology?
With the recent influx of major strategic investment and substantial overall funding, Evolv Technology is poised for accelerated growth and market expansion. The company's enterprise-level backing suggests a strategic focus on scaling operations, enhancing product development, and potentially broadening its reach into new markets or applications. This capital infusion will likely enable Evolv to further refine its AI algorithms, expand its sales and support infrastructure, and solidify its position as a leader in the advanced security screening industry. The company's trajectory indicates a strong emphasis on leveraging technology to address evolving security challenges.
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