Evolv Technology, a U.S. crowd-safety company has revealed it is mergering with blank-check firm NewHold Investment Corp to go public in a deal that will value it at about $1.7 billion.
Evolv has the backing of investors including Microsoft co-founder Bill Gates and venture capital firm General Catalyst.
A Wall Street Journal report has it that deal is expected to close in the second quarter, and the company expects to trade on the Nasdaq under the ticker “EVLV”.
An increasing number of companies are merging with SPACs, as it involves less regulatory scrutiny and more certainty over the market valuation and funds raised.
According to its website, Evolv uses AI technology and sensors to screen people in public spaces such as stadiums, hospitals, schools and entertainment venues among others, eliminating gaps presented by metal detectors.
The company lists customers including Six Flags Entertainment Corp, New York City’s Metropolitan Museum of Art, and the Lincoln Center.