Month: April 2021

(Re)open for Business: The Steps Venues are Taking to Ensure Visitor Safety and a Positive Experience

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Spring has now officially sprung and, along with the annual emergence from winter hibernation, comes a cautious sense of hope. The world is starting to wake up from our year-long battle and make plans again. There’s a sense that it’s time to have fun and escape reality for a little while. But along with this sense of hope and a readiness to have some fun comes new and heightened visitor expectations, and safety and security awareness.

Until now, security professionals have had to make a tradeoff between visitor security and visitor experience – what we refer to as the “protection paradox.” Achieving this balance is the crux of Evolv Technology’s mission: return confidence and peace of mind to people visiting public spaces by changing the paradigm of how security professionals can assure venues are safe from the most serious threats without compromising visitor experience. 

IAAPA’s March Funworld article, Screening Entry Screenings, outlines how forward-thinking entertainment venues such as Hersheypark and the Georgia Aquarium embrace this vision by implementing Evolv’s AI-enabled touchless security screening systems. With Evolv’s technology, these venues are able to deliver improved security with minimal disruption to the visitor experience because our sensors and algorithms are smart enough to listen to their environments and continuously adapt.

Each venue is unique, they come in all sizes, shapes, ages, and infrastructures; security technology needs to be flexible in order to work in all of these environments, without exception. According to our founder Anil Chitkara, Evolv’s advanced sensors and machine learning algorithm enable our systems to distinguish between threats, such as firearms and explosive devices, from everyday personal items, like keys and phones. Because of this, Evolv Express® is able to screen up to 3,600 people per hour, 10 times faster than legacy metal detectors.

This means visitors can walk through the detection systems at a normal pace and in groups. They don’t have to empty their pockets. They don’t have to surrender their bags. When the system detects something concerning, it alerts staff with a picture of the guest and the location of where to conduct a secondary search. With this image-aided alarm resolution, guards are able to take swift action and have less concern about missing a potential weapon. The results are significantly fewer false positives, which creates less stress, and dramatically reduces physical interaction between guards and visitors, alleviates long lines and enables critical social distancing at venue entry points.

Without saying it, people are saying, “don’t touch me!” This is the age of the touchless customer experience, where security priorities have shifted toward safety AND health. Touchless technology certainly isn’t new. What’s new is the subtle shift from this technology being what consumers want, to what consumers need.

In a recently conducted Harris Poll survey, 95% of individuals who had attended a ticketed venue stated they felt it’s somewhat to very important to pass through metal detectors. However, 68% of survey respondents felt metal detectors required their belongings to be touched by a security guard, 65% felt metal detectors created crowds that violated social distancing guidelines, nearly half (49%) were not willing to accept security screening that forced families to be separated during security and 44% were not willing to accept being searched by physical pat down during security screening.

As people return to recently opened venues, they will evaluate their arrival experience along a continuum of touch – high, moderate or none. Venues with invasive security and hands-on inspections tell visitors that they are in the wrong place at the wrong time. Modern entrances, with a smooth, touchless flow of screened visitors is what the customer wants. 

The desire to minimize physical contact is driving demand for touchless interaction. By employing technology like Evolv’s AI-based touchless security screening systems, venues like Hersheypark, Six Flags Theme Parks and Georgia Aquarium create family-friendly environments where visitors feel safe, aware they are being protected but not intrusively reminded of it.

For more on the topic of reopening venues, we invite you to download our Harris Poll whitepaper and read the associated blog. 

This survey was conducted online within the United States by The Harris Poll on behalf of Evolv Technology from September 18 – October 3, 2020 among adults ages 18 and older who attended an event at a ticketed venue in 2019 (n=506). Results are weighted to be representative of population under study based on US census population targets on education, age-gender, race/ethnicity, region, and income.

Transforming Human Security and Saving Lives

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Evolv Earns Edison Award for Completely Reinventing Threat Detection

Last week I had the distinct honor of accepting, on behalf of everyone at Evolv Technology, the Edison Award we won last year for the “game-changing innovation” that our Evolv Express® system and Evolv Cortex AI™ software platform represent. We got word of the award last spring, but there was no public event at which to actually receive it – so while I participated in this year’s ceremony from afar, it was gratifying to virtually bring the award home.

That’s because the Edison Award is one you want to display proudly for all to see. It’s one of the few awards that truly recognizes significant technical innovation in products that solve actual problems in the real world, as opposed to in a lab. And herein lies our story.

As the original announcement said, the award goes to companies that are “changing the world with their incredible vision, their commitment to innovation, and the introduction of new products and services that will make consumers’ lives safer, healthier and more sustainable.” 

Our second-generation product, Evolv Express, for which we earned this award, is a game-changing weapons detection system. With its’ ability to scan up to 3,600 people an hour and the intelligence to differentiate between weapons and personal items – without forcing people to empty pockets and bags or break stride – it’s improving security at the speed and scale required in this post-pandemic world. 

Evolv Technology is leading the digital transformation of physical security, one that is touchless and addresses today’s threat of pandemic viruses as well as concealed weapons. By harnessing our technical innovations in sensors and AI to overcome the widely recognized deficiencies of outdated security screening products, Evolv’s technology enables ticketed venues, workplaces and schools to vastly improve their ability to keep their customers, employees, guests, students and staff safe all while rapidly and more naturally enter these venues.  And, it’s all done in a way that integrates with the way people want to live, and more importantly, the way they deserve to live.

 

Edison, Bell and Early Metal Detectors

The Edison Award, of course, is named after Thomas Edison, one of the greatest inventors of all time, and holder of some 1,093 U.S. patents. Evolv Express is an entirely new approach to metal detection technology first created by another renowned inventor and Edison contemporary, Alexander Graham Bell.

While Bell is best known as the inventor of the telephone, he was also experimenting with a metal detection device around the time in 1881 when President James Garfield was shot by a disgruntled diplomat. The bullet was lodged in the president’s chest and for weeks physicians attempted to find and extract the bullet.

Bell had successfully used his device to detect bullets in sides of beef and shrapnel in Civil War veterans, so he thought it may be of use in Garfield’s case. But the device failed for a simple reason: unbeknownst to Bell at the time, underneath the horse-hair mattress on which the president was lying was another made of steel wires. Those wires interfered with Bell’s metal detector, which was based on electrical inductors, rendering him unable to find the bullet. In other words, the technology couldn’t separate the signal from the noise – we’ll come back to this technical challenge. 

By the 1920s, metal detectors using radio frequency (RF) waves began to come on the scene. While they have been refined over time, the metal detectors we all pass through today are based on that same 100-year-old technology.  

Interference: An Age-old Issue

And that technology still suffers from the same challenges that rendered Bell’s detector unable to help President Garfield….interference. As we all know, anytime you pass through a metal detector, you are asked to empty your pockets and remove any metal – keys, phones, wallets and so on, and pass through in single file. In effect, all those personal items are interfering with the detector’s ability to detect the real threat: weapons. Legacy technology and an outdated approach certainly don’t integrate with the way people live today.

Necessity is the Mother of Invention

In 2013, after the Sandy Hook school shooting and Boston Marathon bombing and amid terrorists shifting targets to nightclubs and stadiums around the globe, we founded Evolv with the singular goal of keeping people safe by finding a way to detect weapons at places that aren’t mandated to do so – like nightclubs, schools, workplaces, sports and concert venues.

These kinds of venues, companies and schools need security that does not disrupt the public gathering experience and avoids the problems that come with traditional security approaches such as crowds, single-file lines, bag checks, wands and invasive pat downs.

We knew there was a hurdle to get over. If the detection device presents too much hassle and creates lines, people won’t embrace it.  It needed to be seamless, accurate and fit within venue operations.  It had to balance the desire to improve safety with the need to maintain or even improve the visitor entrance experience.

Evolv has a Singular Goal

Starting out with a small team of colleagues who are world-class in understanding detection challenges, we had the idea to combine state-of-the-art sensors with smart software and machine learning algorithms to solve this problem. After refinement and iteration, we’ve delivered on our goal: detection technology that is all at once accurate and frictionless. And can perform reliably under real world conditions.

Now, About that Signal to Noise Problem

When I say accurate, I mean we can reliably differentiate a weapon from a phone and the other objects we all carry on a daily basis, and we’ve accounted for variables such as wind and vibration that may throw off other forms of RF-based sensors. And by frictionless, I mean you no longer have to empty pockets, go through screening single-file, or even slow down your normal walking speed.

Security Can Only be Effective if it Works in the Real World

Innovation in our space has to address often competing requirements: balance the physics of detection, address the realities of the all the stuff we carry, and support the operational needs of the customer.  And it has to satisfy all three in a way that achieves high throughput, quickly and more securely.

That, I would argue – and the Edison Award folks apparently agree – is game-changing technology. And it certainly helps to make us all safer.

So, I proudly accepted the Edison Award last week on behalf of all the smart, dedicated people on the Evolv team who helped develop this technology, refine it in the lab, and bring it out into the field, where it can solve real-world problems. I hope both Edison and Bell would be impressed.

The Future of Security After Mass Reopenings

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Using AI to Stay Safe

On April 21, 2021, Evolv Technology CEO, Peter George, joined Bloomberg Quicktake Anchor, Tim Stenovec, to discuss Evolv Technology’s touchless AI-based security screening technology.

Transcript

Tim Stenovec (Quicktake Anchor):
Well, this week, a leader in AI touchless security screening announced an update to let customers comprehensively review, analyze, and collect valuable data on their security checkpoints. Evolv Technology says it’s screened more than 50 million people, second only to the TSA in screening people in the US. The company recently announced plans to go public using a SPAC merger with New Hold Investments. Joining me now is evolve technology CEO, Peter George. Hey Peter, thanks so much for taking the time and joining us on Quicktake this afternoon. Where would people have interacted with Evolv Technologies products without even knowing about it?

Peter George (Evolv Technology CEO):
Well, they would know about it because they’d walked through our venues, Tim, places like stadiums, performing arts venue, schools. What would be different about walking into that venue through our system is that they’d walk into the venue and not break stride, no lines, nobody would touch their stuff, and we be able to screen for threats without them breaking stride and without them divesting of the things that they normally carry.

Peter George (Evolv Technology CEO):
And that is a transformative experience.

Tim Stenovec (Quicktake Anchor):
Yeah. I mean, I’m looking at the website right now, and I know that I’ve certainly walked through these machines at museums and venues. I wonder, though, what it’s fair to call these, right? Are these metal detectors? Not really, right?

Peter George (Evolv Technology CEO):
No. Their threat detection security screening devices, advanced sensors powered by artificial intelligence. So we can find the needle in the haystack and the needle is the weapon amongst all the things that people are carrying.

Tim Stenovec (Quicktake Anchor):
Right.

Peter George (Evolv Technology CEO):
And the magic is the ability to discriminate between a phone and a firearm. And that’s really, really hard. We’re all carrying phones and keys and things that are metal. Metal detectors are really good at finding all metal, but they’re really bad at finding weapons, and we find weapons really well.

Tim Stenovec (Quicktake Anchor):
How do you do it? What’s the technology that you use?

Peter George (Evolv Technology CEO):
Sure. So we’ve combined very, very advanced sensors. As you know, there’s been a lot of advancements in sensor technology and cameras, machine learning, and artificial intelligence. We fuse those all together. And we, as I said, could find the needle in the haystack. So as people walk through the venue, we’re creating different kinds of telemetry, the fragmentation of the metallic composition, the shape. Oftentimes, we’re looking for the barrel of a gun and when we find it, we can make a quick determination. But if it’s anything else that’s either metal or anything else they’re carrying, they can walk in without it. And so the ability to find a weapon on people while they’re moving without them taking their things out of their pockets is really, really important. You can imagine it completely transforms the entry into venues, where there are lots of people. We basically make lines go away and make the people in the venues on the other side super safe.

Tim Stenovec (Quicktake Anchor):
Okay. This sounds pretty great. I got to tell you, I haven’t been in an airport in a long time, but I know that the last time I was in an airport at TSA, this is not the technology they were using. There was a long line. Why doesn’t TSA use Evolv Technology?

Peter George (Evolv Technology CEO):
Sure. So we’re going to let the TSA worry about the sterile environment and the sterile environment is making sure nothing gets on a plane with 500 people and goes 10,000 feet in the air. The founders of this company actually had spent a lot of time in aviation and recognize that there was a big need for safety outside of aviation, where people were gathering, stadiums, performing arts venues, theme parks, and using traditional technology like metal detectors, which by the way, Tim, was invented 90 years ago, to solve that problem just didn’t make any sense.

Peter George (Evolv Technology CEO):
So it’s a really hard problem to solve, which is to find weapons on people that the weapons are concealed while they’re moving, and we solved the problem. It took us five years to do it and about a hundred million dollars. And so we’re in a great position now to democratize security and bring security to all those other venues, not like airports, that when people come back from this pandemic, they want to gather safely and we can allow that to happen.

Tim Stenovec (Quicktake Anchor):
I want to understand though about why it wouldn’t be in an airport right now and why TSA wouldn’t use it. Is it because the technology isn’t as sensitive as a metal detector? You use the term a sterile environment.

Peter George (Evolv Technology CEO):
Yeah. So we are in some airports today. In fact, seven of them. People are using our technology for employee screening.

Tim Stenovec (Quicktake Anchor):
Okay.

Peter George (Evolv Technology CEO):
So people could use it in their airport, but most of our focus is in the 0 billion TAM, which is non-aviation TAM, non-regulated.

Tim Stenovec (Quicktake Anchor):
You say TAM, total addressable market?

Peter George (Evolv Technology CEO):
Yeah, that’s right. Yeah. That’s right. Yeah.

Tim Stenovec (Quicktake Anchor):
What about this SPAC here? There was a surge in SPACs over the last few months. We saw a real dip in the most recent time period. Why is SPAC the right way to go public?

Peter George (Evolv Technology CEO):
Yeah. So look, we knew we were going to raise money and/or go public in the next couple of years. Their both certainty to close, and then timeframe, time to the capital we thought was super important. And the SPAC vehicle provided us that in a really a terrific way. As you know, we’re helping reopen America. And now’s the moment for people to understand who we are and how we can help them. So we felt by fully capitalizing the company, we can take advantage of the accelerated growth that we have in the market and help customers reopen safely. So we’re thrilled about this. Our plan is to become a public company sometime in Q2, probably in June. We’re really excited about that and working very closely with all kinds of venues today helping them open up.

Tim Stenovec (Quicktake Anchor):
Yeah, well, it’s certainly cool technology and I hope to be back in museums and concert venues soon as well. Evolv Technology CEO, Peter George. Hey Peter, thanks so much for taking the time, and for joining us on Quicktake.

Living the Mission Every Day

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I grew up in Paterson, N.J. where my dad served as a police officer for 25 years. At a very young age I decided to follow in his footsteps and set my sights on becoming a police officer. After graduating from high school, I was too young to apply for police work and honestly still had some growing up to do so I enlisted in the Navy. Upon being discharged, I returned to my hometown in New Jersey and focused on finding a job in law enforcement. While participating in the hiring process for several agencies, I was routinely asked why I wanted to be in law enforcement and my standard answer was that I wanted to help people and keep them safe. I know this sounds so stereotypical, but I truly believed this and carried this commitment with me throughout my twenty-eight-year career and still to this day in my current role.

I was successful in finding a career opportunity in law enforcement and started my career as a corrections officer working in a county jail, I later transferred to the courts as a sheriff’s deputy but still had a longing to be a patrol officer and moved with my family to the Seattle, Washington area where I served as a patrol officer with a city police department south of Seattle. While with this agency I worked in several positions in patrol, but my favorite assignment was in the community policing unit where I was very active in working with the community on crime prevention matters and also with an elementary school where I worked closely with the school staff and students delivering classes to them on personal safety and crime prevention.

In early 2002 I transferred to the Port of Seattle Police Department, which is responsible for policing Port owned properties on the Seattle waterfront and the Seattle-Tacoma International Airport. Immediately after joining the Port, I became deeply involved in the community, volunteering in schools, conducting crime prevention training sessions, implementing block watch programs and educating people about safety.

In 2017, after serving 28 years in law enforcement I retired and joined a technology company that was implementing a security/safety program to enhance a mobile platform offering which moved me to the Tampa, Florida area. A few months later I was on my way to the gym when I heard the news report regarding the active shooter incident at the Route 91 Harvest Festival in Las Vegas. I have to admit, it hit me really hard, I pulled off to the side of the road and listened to the report and felt this overwhelming need to help out, unfortunately I was far from the area and retired for a few months already so there wasn’t much I could do. I thought back of my years in law enforcement and what my former peers might be doing to work with their communities to assure everyone was safe but that was as much as I could do. I realized in that moment that I really missed being active in a job where my primary focus was to keep people safe.

Throughout my law enforcement career, I had committed an immense amount of time to personal safety training which included active shooter training for both the community such as Run, Hide, Fight principles and as the Training Unit Commander we implemented active shooter response programs for our officers. Additionally, I had the opportunity to serve as the Executive Producer for a video called Airport Active Shooter which came about after the active shooter incident at the Los Angeles World Airport (LAWA).

Several months later, while attending a conference in New Orleans I ran into Chris McLaughlin who was a VP of Global Solutions with Evolv who I had previously met when I was with the Port Police. I was really impressed with the company’s offering and upon researching the company further, I felt connected to the Evolv mission: To make places safe and keep people safe. That aligned with my life’s mission, the core belief in which I had always taken enormous pride, it seemed like a match made in heaven and it was!

A Common Purpose with Our Customers

At Evolv, I get to live my mission every day. A few weeks ago, I heard about the shooting at the Sarasota County Fair which is practically in my backyard. It really bothered me. It so happened we had an Evolv Express® system in the area because we were conducting a proof-of-concept pilot for a potential customer in the Tampa area. The system was available, and I immediately thought: “We can help.”

I reached out to our internal team and leadership all of which were supportive, so I called the Fair and spoke with their CEO and offered to help them. Our offer was to let them use an Express system free of charge for the remaining week of the fair to screen guests for weapons. They were thrilled. Seeing the Fair had an immediate need to keep people safe we stepped up and got an Express up and running to help solve a problem, just like my days as a police officer, focused on solving problems. We had great results at the Fair and the entire Fair Executive Team were very impressed with the Express and even more impressed with our Company for our willingness to step up and help keep people safe!

I really enjoy my role with Evolv, it affords me an opportunity to develop close relationships—friendships—with many of our customers. A big part of that is the fact that we share a common mission to keep people safe.

One example is the Dr. Phillips Center for the Performing Arts in Orlando where keeping people safe was at the forefront of their “Front yard Festival” concept.  In order to provide patrons with a safe way to be entertained during the pandemic they pivoted and created an outdoor venue. Their front yard became their performance space and with a mix of new programming, they are reigniting the greater Orlando community – all within a safe perimeter where they leveraged the Evolv Express touchless approach to weapons screening as part of their reopening plan.

Another example is the Florence County School District in South Carolina. We all are too familiar with the shooting incidents that have occurred at our schools and the Florence County Schools are committed to preventing these types of incidents from occurring in their schools and implemented the Evolv Express to assist them in keeping staff and students safe.

Florence had metal detectors, but the superintendent, school board and security director wanted to use a more innovative way to prevent weapons from entering the schools. Despite the additional cost of the Express, they were focused on protecting their students and staff and made the investment in Evolv. After assuring we were the right fit for their environment, we worked with their team to deploy the Express and enhance the overall process of screening for weapons replacing the walk-through metal detectors which had more of a prison feel than that of a learning environment.

Safety First, Always

From the time I talked with Chris McLaughlin in New Orleans, one of the things that has been consistent is that we are always up front and honest with our customers—and with ourselves. We tell customers exactly what our systems can and can’t do and work with the customer to develop an overall process to address their screening needs. If we get asked a hard question, we always give the honest answer. Having been on the receiving end of many sales pitches over the years I can honestly say that was not my experience with many other companies. I truly appreciate that Evolv is honest in our approach to solving a very serious problem of gun violence and works hard at improving our technology to assure we meet our mission of keeping people and places safe.

When I left law enforcement, I couldn’t be sure I would ever find a job in the private sector that would give me the same sense of satisfaction I had and fulfill the need I have inside to help people. But Evolv is a truly mission-driven company. To me, that’s the beauty of the company. We all feel that way, from the junior levels of the company to the very top; doing what is right for the customer, keeping places safe, keeping people safe.

Taking Pride in Keeping People Safe

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I’ve spent the better part of the past seven years in the security industry, the last four helping to keep people alive. Before joining Evolv in February 2020, I was with a company that specialized in detecting metal contraband for prisons. We did searches to find cell phones and other foreign objects, including knives and razor blades that inmates were using to hurt one another and hurt staff members.

While working for that company, I imagined a product that would work like the Evolv Express®: A system that was touchless and unobtrusive, yet still capable of stopping the most dangerous threats. At the time, I didn’t believe such a product existed, except in my imagination. In reality, I wasn’t sure a system like that was even possible.

Doing what I was doing, ferromagnetic detection, I knew how difficult it would be to design a product that would intentionally miss all of the benign metal objects we all carry and just detect concealed handguns, bombs and large knives. Then I met with the team at Evolv. I asked to see the product. I saw it in action and said to myself: “I have to get this job.”

I am one of those people who has to be passionate about my work. I’ve never been so passionate about a mission like this before, and I’ve never worked like this before because I’ve never cared like this before. I get enormous satisfaction out of helping people. Helping them do their jobs better, get home earlier so they can be with their families, and doing my part to keep people safe.

“We need help”

I view my job as working with customers to help get people into venues more quickly while trying to locate concealed weapons they are not supposed to have—to create a clean environment. With our system, customers are able to treat every visitor the same—everyone walks across the same digital threshold. And everyone is treated with respect.

During all of my site visits, pilots, go lives and normal operations, I’ve watched more than a million people walk through our systems. They were all at a given venue for the right reasons, to enjoy a show, or do their jobs, or spend time with family and friends at a theme park or ballgame. I want to be able to help more and more venues prevent another active shooter event like the ones we’ve seen recently in Boulder and Atlanta.

I have a personal connection with all of my customers and a personal stake in their success. I could talk about my customers all day, but I’d like to focus on one that is close to my heart. In December, we received a call from a high-end shopping destination in Atlanta. That’s my home turf, where I grew up. That’s the mall I went to all my life. A mall where my mom and dad go, my cousins, other family members, friends and people in my community.

They said, “we need help.” There had been a string of shootings, including one where sadly, a person was killed. My colleague and I went to see them and arranged to set up an Evolv Express at one entry point. We detected several concealed weapons instantly and many over the course of a few days.  Prior to our engagement, my mom told me, “I’m not going to that mall anymore.” Friends said the same thing. We now have systems at multiple entry points and my friends and family say they are feeling easier and more confident about returning to their favorite shopping destination. I applaud the mall ownership for their forward-leaning approach and dedication to creating a safe environment and the best experience possible for their patrons and staff.

“We are all here to make a difference”

My family means the world to me. My mom and dad are my role models and heroes. The last thing I could ever think of is someone coming into a venue and taking them away from me. It sickens me when I hear about these things, these senseless acts like the one in Boulder. I know with the work we are doing at Evolv, we have a chance to stop these events from taking place at other venues. It gives me an enormous sense of pride and gratitude to know I am doing everything I can to prevent these senseless acts of violence. And I know that all of the people at Evolv feel the same way. We’re all here to make a difference. We have our mission, and our mission is to keep people safe.

Evolv Technology Brings Data Analytics Capabilities to its AI-enabled Touchless Security Screening System

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Evolv Technology, the leader in AI touchless security screening, today announced Evolv Insights™, a powerful SaaS-based analytics dashboard that provides security and operations professionals the ability to comprehensively review, analyze and collect valuable data from their Evolv Express® security screening systems throughout their venues and facilities.

Evolv is transforming the physical security industry by providing the world’s first AI-enabled touchless screening system. Built on its Evolv Cortex AI™ software platform, Evolv is continually improving the security posture for customers through machine learning and on-demand analytical insights in a way that legacy metal detectors and other analog screening systems cannot provide.

Available through the secure My Evolv Portal, Evolv Express customers can use Evolv Insights™ to extract data about venue and entrance visitor arrival curves and counts, system detection performance, alarm statistics and comparisons across multiple sites, locations within sites, event types, detection settings, time periods and more. Depending on a customer’s desired level of granularity, the data can be presented annually, quarterly, monthly, daily, hourly, and even down to five-minute increments. Designed to provide actionable insights, customers can easily export data on-demand to enable sharing with colleagues and leadership via a range of user-friendly visual formats.

“We believe AI is changing the world and Evolv has been at the forefront in applying its many advantages to the physical security screening market,” said Vice President of Product Management Steve Morandi at Evolv. “Until now, security teams using outdated metal detector technology have been forced to make operational decisions based on biased judgment and anecdotal inputs, collected manually under the pressure of time. With automated data collection and actionable insights, security teams can move from reactive management and intuition-led decision making, to proactive, data-informed operations.”

Evolv Insights Allows Customers to:

“As a leader in designing weapons detection solutions, gaining insights into the actual throughput and alerts is fundamental to those designs,” said Founder and Managing Partner Dan Donovan at Ingressotek. “As an Evolv Technology Partner, we work with many of the most recognizable stadiums, sporting events and entertainment venues to keep their fans, patrons and staff safe. Having integrated, actionable data at our fingertips through Evolv Insights is very valuable, especially as our customers start reopening. Evolv Insights gives them easy access to details about visitor flow and other critical information to effectively plan resources as well as adjust in real-time.”

“The ability to better understand and anticipate how our patrons return to Omaha Performing Arts events as we come out of the pandemic will be valuable as we refine our reopening plans,” said Senior Vice President and Chief Financial Officer Arnold Reeves at the Omaha Performing Arts. “The data could allow us to make more informed staffing decisions, and also provide the ability to view and easily report percent venue occupancy numbers. With multiple entrances into the venues, the data portal will allow us to determine where volunteers are needed most to help enhance the patron experience. Without Evolv Express and Evolv Insights, we’d have to rely on visual cues and estimates.”

“We recently started using Evolv Express to enhance security screening for guests and team members throughout our facility,” said Potawatomi Hotel & Casino Security Director Sam Guzman. “With Evolv Express we have a state-of-the-art system that can help us increase security efforts while maintaining a high level of service for our guests.”

The Evolv Express system delivers up to a 70% reduction in cost and is 10 times faster than traditional metal detectors, resulting in screening an unparalleled 3,600 people per hour, per system. The system allows for visitors to pass through screening without breaking stride and continuing the pace of life, improving security at the speed and scale required in this post-pandemic world.

The world’s most iconic venues and companies place their trust in Evolv to protect their employees and visitors, including Uber, Lincoln Center, L.L. Bean, Six Flags, and hundreds of others. Evolv’s systems have been used to screen more than 50 million people, second only to the Department of Homeland Security’s Transportation Security Administration in screening people in the U.S.

Join us for a live webinar on Tuesday, April 20, 2021 at 11:00 a.m. ET to learn more.

In March 2021, Evolv entered into a definitive agreement for a business combination with NewHold Investment Corp. (NASDAQ: NHIC) in a transaction that would result in Evolv becoming a U.S. publicly listed entity. The transaction is expected to close in the second quarter of 2021, subject to satisfaction of customary closing conditions. For more information visit nhicspac.com.

About Evolv Technology

Evolv Technology is the world’s leading provider of AI touchless security screening systems that enhance safety without sacrificing the visitor, student and employee experience. Built on top of its Evolv Cortex AI software platform, the company provides an array of AI touchless screening technologies for weapons detection, identity verification and health-related threats.

Led by a team of security industry leaders with a track record for delivering first-to-market products, Evolv’s investors include Bill Gates, Florida Governor Jeb Bush’s firm, Finback Investment Partners, DCVC, General Catalyst Partners, Lux Capital, SineWave Ventures, Motorola Solutions and STANLEY Ventures. The company’s partners include Motorola Solutions, STANLEY Security and Johnson Controls. Evolv Express® has earned industry accolades such as the 2020 Edison Awards™, two Campus Safety 2020 BEST Awards, Campus Security & Life Safety magazine’s Secure Campus 2020 Awards and Best Places to Work by Inc. Magazine and Built in Boston.

In March 2021, Evolv entered into a definitive agreement for a business combination with NewHold Investment Corp. (NASDAQ: NHIC) in a transaction that would result in Evolv becoming a U.S. publicly listed entity. The transaction is expected to close in the second quarter of 2021, subject to satisfaction of customary closing conditions. For more information visit nhicspac.com.

Evolv Technology, Evolv Express®, Evolv Insights™, and Evolv Cortex AI™ are registered trademarks or trademarks of Evolv Technologies, Inc. in the United States and other jurisdictions.

For more information, visit https://evolvtechnology.com.

Important Information for Investors and Stockholders

This document relates to a proposed transaction between NewHold and Evolv. This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. NewHold has filed a registration statement on Form S-4 with the SEC, which includes a document that will serve as a prospectus and proxy statement of NewHold, referred to as a proxy statement/prospectus. A proxy statement/prospectus will be sent to all NewHold stockholders. NewHold also will file other documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders of NewHold are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction.

Investors and security holders will be able to obtain free copies of the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by NewHold through the website maintained by the SEC at www.sec.gov. Alternatively, these documents, when available, can be obtained free of charge from NewHold upon written request to NewHold Investment Corp., c/o NewHold Enterprises, LLC, 52 Vanderbilt Avenue, Suite 2005, New York, New York 10017, Attn: Charlie Baynes-Reid, or by calling (212) 653-0153, or by email at info@newholdllc.com.

Participants in the Solicitation

NewHold and Evolv and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from NewHold’s stockholders in connection with the proposed transaction. A list of the names of the directors and executive officers of NewHold and information regarding their interests in the business combination will be contained in the proxy statement/prospectus when available. You may obtain free copies of these documents as described in the preceding paragraph.

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such other jurisdiction.

Forward-Looking Statements

This document contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between NewHold Investment Corp. (“NewHold”) and Evolv Technologies, Inc. (“Evolv”). These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of NewHold’s securities, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the Agreement and Plan of Merger, dated as of March 5, 2021 (the “Merger Agreement”), by and among NewHold, Evolv and NHIC Merger Sub Inc., a Delaware corporation and a direct wholly owned subsidiary of NewHold, by the stockholders of NewHold, the satisfaction of the minimum trust account amount following redemptions by NewHold’s public stockholders and the receipt of certain governmental and regulatory approvals, (iv) the lack of a third party valuation in determining whether or not to pursue the transaction, (v) the inability to complete the PIPE investment in connection with the transaction, (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, (vii) the effect of the announcement or pendency of the transaction on Evolv Aviation’s business relationships, operating results and business generally, (viii) risks that the proposed transaction disrupts current plans and operations of Evolv and potential difficulties in Evolv employee retention as a result of the transaction, (ix) the outcome of any legal proceedings that may be instituted against Evolv or against NewHold related to the Merger Agreement or the transaction, (x) the ability to maintain the listing of NewHold’s securities on a national securities exchange, (xi) the price of NewHold’s securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which NewHold plans to operate or Evolv operates, variations in operating performance across competitors, changes in laws and regulations affecting NewHold’s or Evolv’s business and changes in the combined capital structure, (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the transaction, and identify and realize additional opportunities, and (xiii) the risk of downturns and a changing regulatory landscape in Evolv’s highly competitive industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of NewHold’s registration on Form S-1 (File No. 333-239822), the registration statement on Form S-4 discussed above and other documents filed by NewHold from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and except as required by law NewHold and Evolv assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither NewHold nor Evolv gives any assurance that either NewHold or Evolv or the combined company will achieve its expectations.

Any financial projections in this communication are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond NewHold’s and Evolv’s control. While all projections are necessarily speculative, NewHold and Evolv believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. The inclusion of projections in this communication should not be regarded as an indication that NewHold and Evolv, or their representatives, considered or consider the projections to be a reliable prediction of future events.

 

###

Jennifer Torode
tel:7812545836
jtorode@chenpr.com

 

 

It’s About the Data – Applying Analytics to Step Change Security Screening and Operations

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In 2006, Clive Humby, a British mathematician and entrepreneur in the field of data science, declared “Data is the new oil.” This compelling position has been amplified thru the years and referenced in numerous settings for various intents, particularly with the advent of machine learning and AI. While the comparison may often create interesting debate material, what is generally recognized is the finite supply of oil versus the infinite waterfall of data.

Until now, physical security screening and rich front door visitor entry data has been an untapped resource. With legacy screening systems, visitors pass through a security checkpoint as a single, moment-in-time transaction, and because legacy systems are analog, digital data escapes uncaptured in the wind—

Moving from analog to digital, Evolv has transformed physical security screening using state-of-the-art sensors and AI-based software. Our systems constantly capture valuable data at this “threshold real estate” which can be mined, analyzed and used for optimizing operational efficiency.

The refinery

Screening and entry data while plentiful is just a raw resource. From our “Data is the new oil” reference, it needs to be processed and refined to derive value. Analytics helps harness the data and extract value to improve your security posture, optimize your resources (both security, general venue operations, and front of house), and ultimately create delighted customers. 

The premise that using data and analytics to optimize operational efficiency is not a quantum physics or atom splitting concept. There’s nothing new here except it’s never been applied in the physical security screening space. In fact, some say that physical security screening is the land that digital transformation forgot. Evolv Technology just unveiled an important enhancement to our Evolv Express® digital, touchless screening system, one that gives companies access to a “refined” repository of data, self-serve analytics, and dashboard tools to improve decision-making across a variety of organization functions. Introducing Evolv Insights™our powerful, SaaS-based analytics application.

By leveraging the rich data from Express and its machine learning and AI engine, Evolv Insights™ provides security and operations professionals with a single, easy-to-use, self-service dashboard to view, review, analyze and gather insights, from their screening and venue entrance. Example data types are granular 5-minute visitor arrival curves, total venue visitor counts, system detection performance, identified threat category counts and comparisons across multiple business dimensions including sites, entrance doors, event types, system detection settings, time periods and more. 

And this is just the beginning. Future integrations of additional Express sensor data, 3 party data sources, social feeds like weather, and rich venue enterprise data will expand our ability to provide more predictive and prescriptive venue relevant insights.

Data and actionable insights to optimize operations

Until now, security teams have been forced to make operational decisions based on biased judgement and anecdotal inputs, collected manually under the pressure of time. With automated data collection and actionable insights, security teams move from reactive management and intuition-led decision making, to proactive, data-informed readiness. Resulting actionable insights will empower security teams to transform security, operations, and the holistic visitor experience.

  • Simply Report on Security Performance to Leadership – Quickly review aggregated performance across the install base. This “snapshot” provides unique situational awareness and enables a holistic view of customers’ Express systems to optimize performance. This view is especially helpful when showcasing system performance to leadership teams.
  • Data-driven Improvements to Security Posture – Access individual scanner, location and detection setting comparisons. Drilling down and comparing system performance related to clear rate, visitor counts, arrival curves, and more, enables root cause analysis and inspection by event types, venue locations, individual entrances, and singular scanners.
  • Partner with Operations Teams to Deliver a Better Visitor Experience – Review the density of visitor arrivals with a color-coded heat map and correlated time-series view. Anticipated patron arrivals across seasons, weeks, days, and specific hourly trends by entrance and event type is available. Understanding these load times helps to more effectively plan staffing to provide visitors and employees with a welcoming, line-free experience.

Security seat at the table and value center

The ability for security professionals to advance a “data beats opinion stance” and to provide actionable recommendations across the enterprise will elevate the interaction and effectiveness across functions. Security equipment and leaders will no longer be viewed as a “necessary evil”, but as a coordinated and integral part of overall venue success.

If data is the new oil, analytics is the new refinery!

Evolv Technology Honored with 2021 Artificial Intelligence Product Excellence Award

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First AI-enabled Crowd Security Screening System That Can Differentiate Between Weapons and Personal Items

Evolv Technology, the leader in AI touchless security screening, today announced that Evolv Express® has been named a winner in this year’s Artificial Intelligence Excellence Awards program.

In its inaugural year, the Business Intelligence Group organized the Artificial Intelligence Excellence Awards to recognize organizations, products and people who bring artificial intelligence (AI) to the market and apply it to solve real problems. The role of AI was already transforming many aspects of our lives and culture before the COVID-19 pandemic, and now companies are escalating their reliance on AI to build new processes, launch new services or deploy the AI of strategic vendors.

As the world’s only AI-enabled touchless screening system on the market, Evolv Express uses advanced sensors and machine learning to screen for concealed weapons, differentiating weapons from personal items. Earning the top spot in the award program’s ‘automatic targeted recognition’ category, the system transforms security screening as we know it. Traditional, decades-old metal detector technology was not built to accommodate for technical advances in personal items, such as cell phones or titanium implants, or today’s increasing threats to crowds in public spaces, which are considered soft targets. Evolv Express screens ten times faster than legacy metal detectors with an unparalleled 3,600 people per hour per system at a 70% reduction in cost. Built on its Evolv Cortex AI™ software platform, Evolv is continually improving the security posture for customers through machine learning and analytical insights on-demand.

“Our system reflects a fundamental rethinking of physical security in order to identify threats more effectively while improving the experience of sports fans, patrons, visitors, employees, students and staff, and others,” said Evolv Technology Co-founder and Head of Advanced Technology Michael Ellenbogen. “With Evolv’s AI-enabled software, we’re able to respond to changing customer requirements swiftly and efficiently. It’s an honor for our system to be recognized for this AI Excellence Award.”

“We’re especially proud of Evolv Chief Scientist Dr. Alec Rose and his team for driving such innovative advancements in the area of physical security,” Ellenbogen continued. “By doing so, we believe they are rewriting the standards for what’s required in providing best-in-class human security around the world.”

As the pandemic has unfolded, organizations have had to reevaluate their safety operations when it comes to addressing threats from weapons violence and health risks. In reviewing security processes, antiquated screening products and methods like metal detectors, pat downs and hand wands have become potential risk factors for re-opening ticketed venues, companies, schools and other venues. These organizations can benefit from security that provides a seamless and touchless experience. Express uses artificial intelligence software and advanced digital sensors that are highly accurate, discreet and deliver significantly more throughput than outdated, analog technologies. Importantly, the AI-enabled system allows for rapid integration of new capabilities such as analytics and thermal scanning.

The world’s most iconic venues and companies place their trust in Evolv to protect their employees and visitors including Uber, Lincoln Center, L.L. Bean, Six Flags, and hundreds of others. Evolv’s systems have been used to screen more than 50 million people, second only to the Department of Homeland Security’s Transportation Security Administration in screening people in the U.S.

 

About Evolv Technology

Evolv Technology is the world’s leading provider of AI touchless security screening systems that enhance safety without sacrificing the visitor, student and employee experience. Built on top of its Evolv Cortex AI™ software platform, the company provides an array of AI touchless screening technologies for weapons detection, identity verification and health-related threats.

Led by a team of security industry leaders with a track record for delivering first-to-market products, Evolv’s investors include Bill Gates, Florida Governor Jeb Bush’s firm, Finback Investment Partners, DCVC, General Catalyst Partners, Lux Capital, SineWave Ventures, Motorola Solutions and STANLEY Ventures. The company’s partners include Motorola Solutions, STANLEY Security and Johnson Controls. Evolv Express® has earned industry accolades such as the 2020 Edison Awards™, two Campus Safety 2020 BEST Awards, Campus Security & Life Safety magazine’s Secure Campus 2020 Awards and Best Places to Work by Inc. Magazine and Built in Boston.

Evolv Technology, Evolv Express®, and Evolv Cortex AI™ are registered trademarks or trademarks of Evolv Technologies, Inc. in the United States and other jurisdictions.

For more information, visit https://evolvtechnology.com.

 

Forward-Looking Statements

This document contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between NewHold Investment Corp. (“NewHold”) and Evolv Technologies, Inc. (“Evolv”). These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of NewHold’s securities, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the Agreement and Plan of Merger, dated as of March 5, 2021 (the “Merger Agreement”), by and among NewHold, Evolv and NHIC Merger Sub Inc., a Delaware corporation and a direct wholly owned subsidiary of NewHold, by the stockholders of NewHold, the satisfaction of the minimum trust account amount following redemptions by NewHold’s public stockholders and the receipt of certain governmental and regulatory approvals, (iv) the lack of a third party valuation in determining whether or not to pursue the transaction, (v) the inability to complete the PIPE investment in connection with the transaction, (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, (vii) the effect of the announcement or pendency of the transaction on Evolv Aviation’s business relationships, operating results and business generally, (viii) risks that the proposed transaction disrupts current plans and operations of Evolv and potential difficulties in Evolv employee retention as a result of the transaction, (ix) the outcome of any legal proceedings that may be instituted against Evolv or against NewHold related to the Merger Agreement or the transaction, (x) the ability to maintain the listing of NewHold’s securities on a national securities exchange, (xi) the price of NewHold’s securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which NewHold plans to operate or Evolv operates, variations in operating performance across competitors, changes in laws and regulations affecting NewHold’s or Evolv’s business and changes in the combined capital structure, (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the transaction, and identify and realize additional opportunities, and (xiii) the risk of downturns and a changing regulatory landscape in Evolv’s highly competitive industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of NewHold’s registration on Form S-1 (File No. 333-239822), the registration statement on Form S-4 discussed above and other documents filed by NewHold from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and except as required by law NewHold and Evolv assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither NewHold nor Evolv gives any assurance that either NewHold or Evolv or the combined company will achieve its expectations.

Any financial projections in this communication are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond NewHold’s and Evolv’s control. While all projections are necessarily speculative, NewHold and Evolv believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. The inclusion of projections in this communication should not be regarded as an indication that NewHold and Evolv, or their representatives, considered or consider the projections to be a reliable prediction of future events.

 

###

Jennifer Torode
jtorode@chenpr.com

Working for a Higher Purpose: Keeping People Safe

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Lincoln Center is one of the most iconic event spaces in the world, home to the Metropolitan Opera, New York Philharmonic, New York City Ballet, renowned theater spaces and much more. The facilities that comprise Lincoln Center host approximately 5 million visitors a year.

You can imagine that it was quite a feather in our cap to engage Lincoln Center who would eventually become one of the first customers for our original product, Evolv Edge®. Driving down to New York to demonstrate a prototype, Rick Abraham and I were as excited as could be. 

Unfortunately, that excitement didn’t last too long. Nothing went according to plan. Try as we might, we couldn’t get the system to work the way we knew it should. It was an early prototype. When you’re in field sales, you know that these things happen. But Rick and I were devastated. We were supposed to go on to visit other customers but, instead, we got in the car and headed back up to Boston. It was one of the longest car rides of my life. 

I can tell that story now because it has a happy ending.  The team at Lincoln Center not only stood by us, they helped us make our product better. They told us in no uncertain terms we had to make our solutions faster to get their patrons safely to their seats in time for their performances. So, we did.

They were demanding in the best ways possible and have become like family to us. Their security team includes several former members of the New York Police Department. They lost colleagues in 9/11 and, like us, have a desire to fulfill a mission that’s larger than themselves.  They were patient and helpful because they believe making the world a safer place through innovative technology is worthwhile.  Because they believed in us, we would do anything for them. There were many times I worked through the night and took a cat nap in my car, safe in their parking garage.

Listening to the Customer

Learning from customers is an important part of our mission at Evolv. Out in the field, I find that many of the people I work with share the same sense of mission, just like the team at Lincoln Center. It is one of the things that attracted me to Evolv and one of the things I love about my job. It doesn’t hurt that security tends to attract a lot of serious and smart people, and many of them also happen to have a great sense of humor.

Being on the front lines with customers, I’ve been known to come back to headquarters with a suggestion or two every once in a while. Well, maybe more than once in a while. From my perspective, I like to think the company counts on me to bring in ideas from the field—and I’m grateful to our leadership because they always listen.

I can think of many instances where feedback from the field ended up in our products. The idea of incorporating a rear camera in the Express® came from another customer where a patron voiced a complaint, with the scans from the rear camera, we were able to help resolve the dispute.

With another customer, we were trying to figure out how to get our systems into place easily and quickly. It may seem like a simple fix, but working with the customer’s specific problem, we figured out that we needed to have longer mats—and that’s the product we have today.

A Higher Purpose

From a personal standpoint, I view my own mission as doing something bigger than myself, using work as a way to achieve a higher purpose in life. My mission is to do things to help keep people safe.

Safety is a front and center problem in the world, even more so in our country with the proliferation of automatic weapons. My daughter is a schoolteacher. She has to explain to her students what’s going on when we have shootings like the recent events in Atlanta and in Boulder. The state of the world and the desire for safety touches everyone, in a personal way.

At Evolv, as we continue to grow, it’s important that we bring on all different kinds of people who are like-minded about our mission. We need an army of good people to bring our mission to the world. I used to worry a little bit, being a little bit older myself, are these new young guys and gals we’re bringing in going to make me obsolete? But the people we are bringing on are fantastic and it makes me feel great to be working with these younger folks. They are furthering our mission: To keep people safe in as many places as we can.

NewHold Investment Corp. Announces Registration Statement on Form S-4

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NEW YORK–(April 5, 2021) BUSINESS WIRE–NewHold Investment Corp. (“NewHold”) (NASDAQ: NHIC), a special purpose acquisition company (“SPAC”), announced today that it has filed with the U.S. Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 (the “Registration Statement”), which includes a preliminary proxy statement/prospectus, in connection with its recently-announced proposed business combination with Evolv Technology (“Evolv”), the leader in AI touchless security screening. The Registration Statement includes audited financials for the full years 2019 & 2020, with a financial year end of December 31.

On March 8, 2021, NewHold announced they have entered into a definitive agreement for a business combination that will result in Evolv becoming a publicly traded company. NewHold’s common stock is currently traded on the NASDAQ under the symbol “NHIC.” In connection with the closing of the transaction, NewHold intends to change its name to Evolv Technologies Holdings, Inc. and will remain listed on the NASDAQ exchange under the new symbol “EVLV.” The closing of the transaction, which is expected in the second quarter of 2021, is subject to customary closing conditions including SEC review and the approval of shareholders from both entities.

A link to the filing is available under the “SEC Filings” section of the NHIC website at https://nhicspac.com/. The filing can also be viewed on the SEC’s website at www.sec.gov.

About Evolv Technology

Evolv Technology is the world’s leading provider of AI touchless security screening systems that enhance safety without sacrificing the visitor, student and employee experience. Built on top of its Evolv Cortex AI software platform, the company provides an array of AI touchless screening technologies for weapons detection, identity verification and health-related threats.

Led by a team of security industry leaders with a track record for delivering first-to-market products, Evolv’s investors include Bill Gates, Florida Governor Jeb Bush’s firm, Finback Investment Partners, DCVC, General Catalyst Partners, Lux Capital, SineWave Ventures, Motorola Solutions and STANLEY Ventures. The company’s partners include Motorola Solutions, STANLEY Security and Johnson Controls. Evolv Express® has earned industry accolades such as the 2020 Edison Awards™, two Campus Safety 2020 BEST Awards, Campus Security & Life Safety magazine’s Secure Campus 2020 Awards and Best Places to Work by Inc. Magazine and Built in Boston.

Evolv Technology, Evolv Express®, Evolv TempCheck™, and Evolv Cortex AI™ are registered trademarks or trademarks of Evolv Technologies, Inc. in the United States and other jurisdictions.

For more information, visit https://evolvtechnology.com.

About NewHold Investment Corp.

NewHold Investment Corp. is a blank check company formed in 2020 for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue a business combination target in any business or industry, it focuses on identifying businesses in the industrial technology sector. For more information visit https://nhicspac.com.

Forward-Looking Statements

This document contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between NewHold Investment Corp. (“NewHold”) and Evolv Technologies, Inc. (“Evolv”). These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of NewHold’s securities, (ii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the Agreement and Plan of Merger, dated as of March 5, 2021 (the “Merger Agreement”), by and among NewHold, Evolv and NHIC Merger Sub Inc., a Delaware corporation and a direct wholly owned subsidiary of NewHold, by the stockholders of NewHold, the satisfaction of the minimum trust account amount following redemptions by NewHold’s public stockholders and the receipt of certain governmental and regulatory approvals, (iii) the lack of a third party valuation in determining whether or not to pursue the transaction, (iv) the inability to complete the PIPE investment in connection with the transaction, (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, (vi) the effect of the announcement or pendency of the transaction on Evolv Aviation’s business relationships, operating results and business generally, (vii) risks that the proposed transaction disrupts current plans and operations of Evolv and potential difficulties in Evolv employee retention as a result of the transaction, (viii) the outcome of any legal proceedings that may be instituted against Evolv or against NewHold related to the Merger Agreement or the transaction, (ix) the ability to maintain the listing of NewHold’s securities on a national securities exchange, (x) the price of NewHold’s securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which NewHold plans to operate or Evolv operates, variations in operating performance across competitors, changes in laws and regulations affecting NewHold’s or Evolv’s business and changes in the combined capital structure, (xi) the ability to implement business plans, forecasts, and other expectations after the completion of the transaction, and identify and realize additional opportunities, and (xii) the risk of downturns and a changing regulatory landscape in Evolv’s highly competitive industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of NewHold’s registration on Form S-1 (File No. 333-239822), the registration statement on Form S-4 discussed above and other documents filed by NewHold from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and except as required by law NewHold and Evolv assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither NewHold nor Evolv gives any assurance that either NewHold or Evolv or the combined company will achieve its expectations.

Any financial projections in this communication are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond NewHold’s and Evolv’s control. While all projections are necessarily speculative, NewHold and Evolv believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. The inclusion of projections in this communication should not be regarded as an indication that NewHold and Evolv, or their representatives, considered or consider the projections to be a reliable prediction of future events.

Important Information for Investors and Stockholders

This document relates to a proposed transaction between NewHold and Evolv. This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. NewHold has filed a preliminary registration statement on Form S-4 with the SEC, which includes a document that serves as a prospectus and proxy statement of NewHold, referred to as a proxy statement/prospectus. When final, a proxy statement/prospectus will be sent to all NewHold stockholders. NewHold also will file other documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders of NewHold are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction.

Investors and security holders will be able to obtain free copies of the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by NewHold through the website maintained by the SEC at www.sec.gov. Alternatively, these documents, when available, can be obtained free of charge from NewHold upon written request to NewHold Investment Corp., c/o NewHold Enterprises, LLC, 52 Vanderbilt Avenue, Suite 2005, New York, New York 10017, Attn: Charlie Baynes-Reid, or by calling (212) 653-0153, or by email at info@newholdllc.com.

Participants in the Solicitation

NewHold and Evolv and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from NewHold’s stockholders in connection with the proposed transaction. A list of the names of the directors and executive officers of NewHold and information regarding their interests in the business combination will be contained in the proxy statement/prospectus. You may obtain free copies of these documents as described in the preceding paragraph.

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such other jurisdiction.

 

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Contacts

For Evolv Technology:
Investor Contact:
Michael Bowen and Ryan Gardella
EvolvIR@icrinc.com

Media Contact:
Jed Hamilton
EvolvPR@icrinc.com

For NewHold Investment Corp.:
Investor & Media Contact:
Amanda Tarplin
amanda@tarplinconsulting.com