Metal detectors and security checks may soon be a thing of the past. Evolv Technology, an AI security screening company, already uses its platform at amusement parks, concert halls and stadiums across the country to provide safety for large crowds.
IPO Edge and The Palm Beach Hedge Fund Association hosted fireside chat with Evolv Technology and special purpose acquisition company NewHold Investment Corp. (Nasdaq: NHIC) on Wednesday, April 21 at 4 PM EST. The live event featured Evolv Technology CEO Peter George and NewHold Investment Corp. CEO Kevin Charlton. IPO Edge Editor-in-Chief John Jannarone moderated the video session, which ran approximately one hour including a public Q&A with the audience.
Backed by investors including Microsoft Corp. co-founder Bill Gates and former Florida Gov. Jeb Bush, Evolv uses AI and data science to screen people for weapons and other threats. The company will become publicly traded through a merger with NewHold Investment Corp. in a deal that values the crowd-safety firm at about $1.7 billion. The deal includes upsized and oversubscribed $300 million PIPE that includes Peyton Manning, Andre Agassi, Steffi Graf, and Joe Torre.
Evolv has screened more than 50 million people in the past four years, second only to the TSA in screening crowds for threats in the U.S. The company has also started using its technology to check people for elevated body temperatures, helping businesses reopen following shutdowns designed to stop the spread of the coronavirus.
During the fireside chat, Messrs. George and Charlton discussed:
-Who Evolv is and what differentiates it in the market
-Why the company decided to go public via a SPAC merger
-Evolv’s overall mission and the resulting social impact delivered
-Why NewHold was interested in Evolv
-How investors should think about how to fairly value Evolv and how it compares to other companies in the sector
-More about the underlying technology behind the Evolv security screening solutions and why it’s different than existing solutions in the market
-More about just released Evolv Insights
-Evolv’s upcoming customer pipeline and new products
-Customer targets going forward and where the company sees expansion happening
-The current state of the SPAC market
-What was it like to raise PIPE funding in this environment
-What the future holds for Evolv
About Peter George
Peter George has a decades-long track record in leading cybersecurity companies and building disruptive technology startups into market leaders. He joined Evolv Technology in February 2019 as chief commercial officer and was promoted to chief executive officer (CEO) in January 2020. Earlier in his career, as chairman, president and CEO with cybersecurity pioneer Fidelis Security Systems, George guided the firm through substantial growth that prompted its acquisition by General Dynamics. He currently serves on the board at DDoS attack protection provider Corero Network Security, and previously was a board member at Flashpoint, a forward-leaning cyber and physical security threat intelligence company. In addition to cybersecurity, George has led the domestic and international commercialization operations at multiple software and networking companies as president, board member and investor.
About Kevin Charlton
Kevin Charlton is Chief Executive Officer of NewHold Investment Corp. He is also the Co-Founder and Co-Chairman of NewHold Enterprises and has spent more than twenty years in private equity. Prior to NHIC, Mr. Charlton was the President and Chief Operating Officer of Hennessy Capital Acquisition Corp., a $115 million NASDAQ-listed SPAC that merged with Blue Bird Corporation (NASDAQ: BLBD), the school bus manufacturer. He then served as President, Chief Operating Officer and Vice Chairman of the Board of Directors of Hennessy Capital Acquisition Corp. II, a $200 million NASDAQ-listed SPAC that merged with Daseke, Inc. (NASDAQ: DSKE). Mr. Charlton served as President, Chief Operating Officer and Vice Chairman of the Board of Directors of Hennessy Capital Acquisition Corp. III, a $275 million NYSE-listed SPAC that merged with NRC Group (NYSE: NRCG). Prior to NewHold, Mr. Charlton was with JPMorgan (NYSE: JPM), Investcorp, and Macquarie (ASX: MQG).
Contact IPO Edge:
John Jannarone, Editor-in-Chief