Evolv is leading the digital transformation of physical security, which is touchless and addresses the threat of pandemic viruses and concealed weapons
FREMONT, CA: Evolv Technology, a Waltham, MA-based provider of an AI-based touchless security screening system, received a strategic investment from Stanley Ventures, the venture capital arm of $14 billion industrial organization Stanley Black & Decker. With this, both the parties will benefit from the unparalleled expertise and full spectrum of value-added services from the two companies.
"Security screening must be reimagined in a whole new light, no longer constrained by decades-old technologies or strategies that just don't apply in today's world," said Evolv Technology Chief Executive Officer Peter George. "STANLEY Security shares that same vision with Evolv. We're thrilled to be working with STANLEY Security and Stanley Black & Decker to provide new and better solutions – and the peace of mind that comes along with them – to our customers and partners."
Terms of the deal were not disclosed. Stanley Ventures joins backers that include Bill Gates, former Florida Governor Jeb Bush's firm, Finback Investment Partners, DCVC (Data Collective), General Catalyst Partners, Lux Capital, and SineWave Ventures.
"We're committed to helping organizations create safer, healthier environments for their employees, customers, students and partners, and our investment in Evolv Technology helps us deliver on that commitment," said STANLEY Security Global President Matthew Kushner. "Evolv's innovative, touchless security screening solutions are an integral part of the security industry's future. When paired with data analytics and expertise from STANLEY Security, these solutions will deliver even more value to organizations as they adjust operations and enhance security measures to reopen and stay open safely."
Deployed worldwide, Evolv's systems allow social distancing while minimizing person-to-person interaction, requiring no stopping, no emptying of pockets, or removing bags. People walk through naturally, alleviating long lines at entrances while significantly reducing interaction between visitors and security staff. Notably, organizations are optimizing their security teams' performance while reducing labor costs by up to 70 percent.
The company’s customers include Six Flags Entertainment Corporation, L.L. Bean, Wynn Las Vegas, Georgia Aquarium, Set Jet, Oakland International Airport, two South Carolina school districts, the Biltmore Estate, and hundreds of others.