Evolv Technology Appoints Brian Norris Vice President of Investor Relations

Waltham, Massachusetts – (July 28, 2021) – Evolv Technology (NASDAQ: EVLV), the global leader in weapons detection security screening, today announced the appointment of Brian Norris to the newly created position of Vice President of Investor Relations. Based at the company headquarters in Waltham, Mass., Norris will be responsible for leading the company’s global investor relations program and its relationships with the investment community.

“Brian brings a proven 20-year track record in leading finance-driven investor relations programs for highly disruptive, category-leading technology companies,” said Peter Faubert, CFO, Evolv Technology. “His deep understanding of the capital markets and investor relations as well as his broad financial and operating experience will bring great value to Evolv and enhance our ability to effectively communicate with the investment community. We are delighted to welcome him to the Evolv team.”

Norris joins Evolv Technology from Lytx, Inc., a leading provider of SaaS-based video safety solutions for fleet operators, where he served as Vice President of Finance. Prior to that he held leading finance and investor relations roles at 128 Technology and Fleetmatics Group PLC. Norris also served as Director of Investor Relations at Acme Packet, Inc. for seven years, where he helped lead the company through its initial public offering and its eventual acquisition by Oracle. Before Acme Packet, Norris spent five years at MatrixOne, Inc., a leading enterprise software company, as Vice President of Investor Relations. Earlier in his career, Norris held a variety of senior positions in treasury and financial planning and analysis. Norris also serves as an Adjunct Professor at Boston University where he teaches “The Theory and Practice of Investor Relations”. He holds a Bachelor’s Degree in Finance from the University of Massachusetts and a Master’s Degree in Business Administration from Bentley University.

Evolv is transforming the physical security industry, as the first weapons detection security screening system in the market, providing continuous detection improvements and a frictionless visitor experience. The Evolv Express® system delivers up to a 70% reduction in cost and is up to ten times faster than traditional metal detectors, resulting in screening up to 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, increasingly volatile world. 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, an industry first.

“Evolv’s market-leading SaaS-based weapons detection security screening solutions, blue-chip list of iconic customers, and the innovative nature of its subscription model is a compelling opportunity,” said Norris. “I am thrilled to be joining Evolv as it recently completed its public offering on NASDAQ and enters its next phase of growth.”

About Evolv Technology

Evolv Technology (NASDAQ: EVLV) is the leader in SaaS-based weapons detection for security screening. Our mission is enabling a better experience and better security for venues, creating a safer world to work, learn, and play by transforming physical security to make everywhere safer.This enhances the visitor experience and improves weapons detection. We give sports fans, theme park visitors, concertgoers, shoppers, employees, students, and others peace of mind so that they can gather without fear of violence. Our security system has scanned more than 60 million people, second only to the Department of Homeland Security’s Transportation Security Administration in the United States, and our technology combines powerful, advanced sensors with proven artificial intelligence (AI), security ecosystem integrations, and comprehensive venue analytics to reliably detect threats 10 times faster than traditional metal detectors.

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.

Forward-looking Statements

Certain statements in this press release may constitute “forward-looking” statements and information, within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 that relate to our current expectations and views of future events. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events or our Company’s performance and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the risk factors set forth in our proxy statement/prospectus, filed with the Securities and Exchange Commission on June 28, 2021, and other documents filed with or furnished to the SEC. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

Evolv Technology Publicly Listed on the NASDAQ Under Symbol EVLV

WALTHAM, MA & NEW YORK, NY – NewHold Investment Corp. (NASDAQ: NHIC, “NewHold”), a publicly-traded special purpose acquisition company, and Evolv Technologies, Inc. (“Evolv Technology” or “Evolv”), the global leader in weapons detection security screening, today announced that they have completed their business combination. The transaction has been unanimously approved by the board of directors of NewHold and was approved at a special meeting of NewHold shareholders on July 15, 2021. The common stock of the combined company will trade on the NASDAQ Stock Market under the symbol “EVLV”, its warrants will trade under “EVLVW”, and its units will trade under “EVLVU” beginning today, July 19, 2021. Peter George, who has served as Chief Executive Officer of the Company since January 2020, will continue to lead the business.

NewHold Investment Corp. and Evolv Technology Complete Business Combination

  • Evolv is the global leader in weapons detection security screening, dedicated to making the world a safer place to work, learn and play by helping to protect innocent people from mass shootings and terrorist attacks. Evolv has screened over 60 million people, second only to the TSA in screening people in the U.S.
  • Combined company has a pro forma total enterprise value of approximately $1.3 billion and total equity value of approximately $1.7 billion
  • Combined company received approximately $385 million in gross proceeds, net of redemptions
  • All current Evolv stockholders, including DCVC, Finback Investment Partners, General Catalyst, Lux Capital, Motorola Solutions, SineWave Ventures and STANLEY Ventures, all¬¬ retained their equity holdings through closing
  • Proceeds will fund rapid growth, expand international markets and help accelerate adjacencies through partnerships and acquisitions
  • Evolv is the first company in the industry to introduce a subscription Security as a Service (SaaS) Model with its customers, including, Uber, Lincoln Center, L.L. Bean, and Six Flags

Evolv Technology – Leader with Unrivaled Technology and Market Presence

Evolv is transforming the physical security industry, as the first weapons detection security screening system in the market, providing continuous detection improvements and a frictionless visitor experience. The Evolv Express® system delivers up to a 70% reduction in cost and is up to ten times faster than traditional metal detectors, resulting in screening up to 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, increasingly volatile world.  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, an industry first. 

The world’s most iconic venues and companies place their trust in Evolv to protect their employees and visitors, including Lincoln Center for the Performing Arts, L.L. Bean, Six Flags and others. In addition, Evolv signed a significant technology and go-to-market partnership with Motorola Solutions, a global leader in land mobile radio mission-critical communications, video security and analytics, and command center software for enterprise and public safety customers. Evolv expects this partnership to accelerate growth and market presence going forward.

“Evolv’s new capital supports our rapid growth in transforming security.  The world is opening,  visitors require a better experience and piece of mind to gather safely.” said Peter George, CEO. “We are energized by our market opportunity and driven to fulfill our mission to make everywhere safer.  And we are incredibly thankful to all the customers, employees, investors, and partners who have helped us establish a higher standard for physical security.”

“Evolv is a category creating company, permanently changing the physical security market with its weapons detection systems. NewHold is proud to finalize our combination and partnership with Evolv, in order to help accelerate the company’s growth and make more people safer, sooner” said Kevin Charlton, CEO of NewHold Investment Corp. “We could not be more excited about the future of the company and expect Evolv Technology to generate value for shareholders for years to come.”

In addition to CEO Peter George, Evolv will continue to be led by its highly experienced management team including co-founders Mike Ellenbogen (Chief Innovation Officer) and Anil Chitkara (Head of Corporate Development), Chief Financial Officer Peter Faubert, General Counsel Eric Pyenson, Chief Scientist Alec Rose, Chief Marketing Officer Dana Loof, Chief Revenue Officer A.J. DeRosa and Head of People Liza Knapp.

Peter George will also serve as a Director of the combined company Board alongside Evolv’s Co-Founder Mike Ellenbogen. Chairman of the former Evolv Board, Alan Cohen of DCVC, will continue as Chairman of the combined company Board. NewHold representatives, Kevin Charlton, CEO, and Neil Glat, a board member of NewHold will also join the Board of the combined company alongside David Orfao of General Catalyst, Bilal Zuberi of Lux Capital, Mahesh Saptharishi of Motorola Solutions, Merline Saintil, Mark Sullivan and Kimberly Sheehy.

In addition to a strong management team and board, Evolv partners with a group of experienced industry advisors including Juliette Kayyem, former DHS Assistant Secretary, Dan Coats, Former Director of US National Intelligence, John Pistole, Former FBI Deputy Director and TSA Administrator, General Tony Thomas, Former Commander, US SOCOM, David Cohen, Former NYPD Deputy Commissioner, and Jin Kim, Former FBI Active Shooter Expert.

Evolv Technology, which has over 100 employees worldwide, will maintain its global headquarters in Waltham, Massachusetts, in addition to offices in Singapore and London.

Transaction Overview

At the closing of the transaction, NewHold Investment Corp.’s name changed to Evolv Technologies Holdings Inc. (NASDAQ: EVLV).

The combined entity has a pro forma enterprise value of approximately $1.3 billion. The upsized and oversubscribed $300 million PIPE, which closed concurrently with the closing of the business combination, included investors such as Motorola Solutions, Inc., Magnetar Capital, Eldridge, Senator Investment Group and UBS O’Connor, in addition to investments from star athletes, franchise owners and managers. Evolv’s existing stockholders own approximately 75% of the fully diluted shares of common stock of the combined company immediately following the closing of the business combination.

The combined company received approximately $385 million in gross proceeds from the trust account and PIPE investors, net of redemptions from NewHold’s existing public shareholders.

A more detailed description of the transaction terms will be included in a current report on Form 8-K to be filed by Evolv with the U.S. Securities and Exchange Commission (“SEC”) at www.sec.gov.

Advisors

Cowen acted as sole financial and capital markets advisor to Evolv and as sole placement agent to NewHold in connection with the $300 million PIPE. Stifel acted as sole financial and capital markets advisor to NewHold. Latham & Watkins LLP acted as legal counsel to Evolv and Loeb & Loeb LLP acted as legal counsel to NewHold. Tarplin Consulting acted as Investor Relations advisor and partner to NewHold.

The Evolv Express® system delivers up to a 70% reduction in cost and is up to ten times faster than traditional metal detectors, resulting in screening up to an unparalleled 3,600 people per hour, per system.

Learn More

About Evolv Technology

Evolv Technology is the world’s leading provider of weapons detection 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 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 strategic channel 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 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.

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. NewHold Investment Corp. is led by an experienced management team with Kevin Charlton as CEO, Charlie Baynes-Reid as COO and Adam Deutsch as CFO, alongside a seasoned Board of Directors. For more information visit https://nhicspac.com.

IMPORTANT LEGAL INFORMATION

Forward-Looking Statements

This document contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding expected benefits of the transaction to Evolv and adoption of Evolv’s technology and products. 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 Evolv’s ability to implement business plans after the transaction and changes and developments in the competitive security screening, weapons detection and related industries. 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 definitive proxy statement/prospectus filed with the SEC on June 28, 2021, and other documents filed by the company 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 the company assumes 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. The company does not give any assurance that it will achieve its expectations.

###

For Evolv Technology:

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

For NewHold Investment Corp.:

Investor & Media Contact:
Amanda Tarplin
amanda@tarplinconsulting.com

The Road to Now

One of the best aspects of being part of the Evolv leadership team is the chance to work closely with our founders, Mike Ellenbogen and Anil Chitkara. In light of our recent listing on the NASDAQ exchange, I felt it’s an appropriate moment to sit down with Mike and Anil to get their perspective on their road to now.  

Dana: Why did you start Evolv back in 2013? 

Mike: Evolv is my third startup in the physical security space, so I am deeply aware of the challenges and technical limitations associated with preventing active shooter and terrorist attacks. Many of our original Evolv team members have been together now through three startups in physical security. The 2012 Sandy Hook school shooting and the 2013 Boston marathon bombing directly affected people close to both Anil and me. Those events really crystalized for us that the world needs a fundamentally better way to prevent these types of attacks, and that there was currently no good solution. We looked at the situation and said, “We know how to solve these types of problems and we’re in a unique position to make a real impact. If not us, then who?” It just felt like it was time to get the band back together.  

Anil: It’s personal to me. I have been close — painfully close — to multiple terrorist events, and I decided that I needed to turn my energy to making the world safer from future attacks. My close friend and college roommate, Steve, was on the 101st floor of the North Tower on 9/11. He had just gotten married and had a son. Twelve years later I was on Arlington Street in Boston with my three young children waiting for my wife to cross the finish line of the 117th Boston Marathon. She finished, we drove home and found out that 45 minutes after we left that the first explosive device had detonated. A close friend wasn’t as lucky. He was seriously injured and still has shrapnel in his neck. So, as Mike said, we started Evolv to stop these types of senseless acts. We saw that they were happening in more types of locations in more towns and cities, harming more and more people. We just knew there had to be a better way to prevent them from happening.  

Dana: What problem did you set out solve? 

Mike: There are plenty of technologies that help minimize the response time after an event has already started: video analytics, gunshot detection, etc. But this after-the-fact type of solution doesn’t address the real problem. The world needs a way to prevent the bullets from flying in the first place. At the time, the only available solutions to try to stop attacks like the Boston Marathon bombing were old school metal detectors. This technology is over 100 years old and was never designed for today’s visitors and spectators, with all of the items we normally carry — like smart phones and tablets — or for today’s venues. If you’ve ever stood frustrated in a security line, cursing the slow security screening process, you understand the problem. We saw the need for a frictionless process that can identify threats without slowing down visitor flow, ideally without even breaking stride. Our goal was to help any venue, with or without government mandates, to create a safer environment for their visitors without negatively affecting the visitor experience. 

Anil: Old metal detectors and manual security checks were widely used after 9/11. These approaches treated everyone as a threat, forcing them to stop, empty their pockets and bags, and submit to a search. We wanted to pivot the paradigm. The vast majority of people are not a threat – so why not let them pass through without ever stopping and only stop those few who need a closer look? Why can’t most people be screened as they walk through at the normal pace of life without ever stopping? That’s what we wanted to deliver. 

Dana: Why did you think you were the right people to solve it? 

Mike: This isn’t a problem space that you just decide to get into and a couple of weeks later you fully understand it. A couple of kids in a dorm room aren’t going to figure it out. The physics is very, very challenging. The math is hard. There are all kinds of subtle environmental issues that cause huge problems in the real world but don’t exist in the lab. We have a unique team of very talented people with the depth of experience to anticipate many problems and the context to cleverly solve new problems as they come up. We’ve also been able to leverage the latest advances in sensors and machine learning that hadn’t been available or applied to this problem space before. Our prior success in this market also gave us excellent access to capital from really smart, deeply connected? committed? investors. Even with all these advantages, we had to work the problem really hard from many angles for a long time, but in the end, we cracked it. 

Anil: Building on what Mike said, we really benefited from having a multidisciplinary technical team with an intimate understanding of different venues and their operational requirements. I don’t know of any team that has collectively spent more time on the front lines, shoulder-to-shoulder with security professionals as they conduct screening operations. We knew the challenges the staff were struggling with, and we knew what they wanted and needed. There are just as many subtle process issues as subtle technical issues of the kind Mike mentioned. We combined our knowledge of all these issues with our background in user experience design to solve for both the visitors being screened and the security staff operating the system. We’ve got hundreds and hundreds of lessons from operating in so many different environments in the real world.  And we continue to incorporate these experiences into our product and our team’s approach with our customers. 

Dana: Why wasn’t it solved before? 

Mike: Most companies in our space wait for a clear market with a well-defined specification, usually from some government agency, before they’ll consider committing the time, resources and capital to develop a new product. There is no established “firearm detection standard” or “IED detection standard” out there to start from. We recognized that there are thousands of venues, from schools to stadiums to workplaces, that want to a create an environment that’s safe from threats to the crowd.  Most of them aren’t really worried about objects that might be considered threats in a prison environment, or even an aviation environment. They are primarily concerned about firearms in the US and other similar threats to the crowd outside the US. These concerns have been well-known and almost universal for decades, but the venue operators had broadly rejected security metal detectors because they are awful.  There are few products in the world so universally hated as walk-through metal detectors. Users made a value judgement and decided it wasn’t worth creating a line that trails around the block in order to screen visitors for weapons. Most just went with the lowest common denominator – guards looking in visitors’ bags or perhaps a cursory hand-wanding. We were willing to create the detection system we thought people were really looking for, even though there wasn’t a specification available to reference. It was definitely the harder path, but we believe it was ultimately the right path. 

Anil: I think we looked at the problem very differently than others in this space. We didn’t want to find metal, we wanted to find weapons. In fact, we wanted to ignore personal items such as cell phones, keys and belt buckles. Once you look at the problem from a different lens, you start to think about the technology direction differently. The hardest part of the problem was to build a robust, resilient system that was adaptable to operate in a multitude of environments with different types of visitors carrying a wide range of personal items. A family going to a theme park is carrying different personal items than a worker going into a warehouse, a kid going to school, or a couple going to the opera.  We focused on understanding three key factors: stream of commerce coming through, the environmental factors at the site, and operational variables for different security approaches. We then built a system that would be robust, resilient and flexible to meet these varied situations.   

Dana: What were the major challenges? 

Mike: One of the biggest challenges was being able to identify threats without slowing down the visitor flow, ideally without even breaking stride and with people walking together, even side-by-side. This requires being able to isolate individuals and find threats almost instantly, which is hard when you also need detection to be both more precise and more accurate than existing systems. Another related problem was providing a welcoming, non-threatening visitor experience while also creating a clear visual deterrent. Having an industrial design that unsettles threat actors by conveying that there is some serious tech under the hood without making it scary to harmless visitors was a tricky balancing act. And finally, there is the simple fact that we had to raise tens of millions of dollars of capital to adequately fund R&D and production. We had to innovate at the edge of the possible in both bits and atoms, and that’s just harder and more expensive than developing other types of products. That said, there’s nothing I enjoy more than being together with a group of smart people tackling tough problems like these. 

Anil: It’s hard. It’s just really, really hard. Because the system is detecting and preventing weapons from entering facilities, it needs to operate at extremely high-performance levels. It can’t be right just some of the time. Additionally, we look at the security system as a combination of technology plus people (security staff) and process. These elements all need to work hand-in-hand. And people are fallible and inconsistent. It’s insanely difficult to maintain the same level of vigilance for every person coming through over a two-hour shift. With lines forming, anxious visitors, under hot sun or in driving rain — it’s just hard. We used advanced technology to automate the mundane, repetitive tasks so the security staff can focus on the most important tasks that require human attention. They need to address those few people who may be a threat with focused attention and follow their prescribed protocols.  It took lots of iteration to get that balance right. 

Dana: So, is this what you’d call a deep tech problem? 

Mike: This is absolutely a deep tech problem. First, you have to understand the physics and develop the sensors that enable the system to discriminate between innocuous everyday items and real security threats. Then you need to design a hardware and software architecture that can work consistently, anytime and anywhere, while screening up to 3,600 people per hour, or one person per second. That’s essentially as fast as people can stream through a set of double doors. And then once you have the data and can keep up with the flow, you need to process the information and make a decision while visitors are still within a stride of the threshold. This requires a combination of advanced embedded software and machine learning. Anyone with a titanium hip or knee will appreciate the system’s ability to ignore these implants and other everyday items while automatically detecting actual threats. 

Anil: What Mike said. It’s deep tech that requires a cross functional, highly integrated approach.  I don‘t even understand the math on our whiteboards or the signal chain through the system.  But it works, and it works really well. 

Dana: Where do we stand relative to accomplishing the Evolv mission? 

Mike: When we started Evolv, we envisioned a world where people were safe in all the places we live, work and play. We’ve taken a big step toward that vision, but it feels like we’ve only just scratched the surface so far. There are plenty of venues that want to create a safer environment for their visitors, fans, employees, students and guests but are just now starting to learn that Evolv exists. We need to do more to get our story out there. We’re also thinking deeply about other ways to apply our core technology to prevent gun violence, active shooter and terrorist events in different types of applications and spaces. There are plenty more technology and business problems to solve on the road to fully realizing our vision. We know we have a long way to go, but we’ll get there eventually. 

Anil: Evolv has taken a major step toward making the world a safer place. Many of our customers were not using any security screening technology before we deployed our products at their locations. We’ve kept thousands and thousands of weapons out of places where they aren’t welcome. We’re now screening over 11 million visitors a month, and that number continues to grow rapidly. But the fact is, there are still shootings and bombings. There are fatalities and injuries that can be prevented. We’ve got to accelerate and scale everything we do to match the scope of the problem. Our story has just begun. 

Democratizing Security: Keeping People Safe

Helping Evolv become a public company has been an incredible, and humbling experience. Our customers, employees, advisors, and investors have been wonderfully unified behind our mission of making the world a safer place, and we are truly thankful for their support. Building momentum through an unpredictable pandemic has been a wild ride, but we’ve come through it stronger than ever. Now that our transformation into EVLV on the NASDAQ is complete, it’s a good time to look to the future. 

While becoming a public company is a noteworthy milestone for all our stakeholders, the stakeholders I am most focused on are the millions of innocent people rushing back into their favorite venues, unaware that they’re surrounded by concealed weapons. Compelling new data and the lived experiences of our customers have convinced me that the threat profile is spiking in ways that few people fully realize and even fewer are equipped to address. As security professionals, we need to start thinking differently about the threat and work together to address it. 

Take Me Out to The Ballgame, but Don’t Touch Me. 

After 16 months of pandemic anxiety, travel restrictions, lockdowns, social distancing, and masking, the vaccinated population is justifiably feeling entitled to return to all their favorite gathering places. Most people are emerging from the pandemic fog with excitement, but many still harbor significant anxiety about being in crowds or having physical contact with? strangers. The professionals who run facilities and venues are understandably thrilled to welcome back their visitors, but it must be done in a way that recognizes the long-lasting—and possibly permanent—changes in visitor expectations. Going back to densely crowded, hands-on security screening is not what anyone wants in the post-pandemic world. 

There are More Guns than You Think  

It’s no secret that there are a lot of guns out there, but many people don’t realize that they likely encounter multiple concealed guns every day without realizing it. Based on industry data, we estimate that there are over 440 million civilian-owned guns per person in the U.S. That’s around 1.3 guns for every person in the country. About 42% of U.S. households own at least one gun and few guns are kept exclusively at home. A quarter of Americans say they carry a gun at least sometimes and nearly a fifth, 18%, claim to carry every day. And no, it’s not just a red state thing: 28% of people in the Northeast say they carry a gun at least some of the time. 

Civilian Firearms in the United Statesbased on Evolv analysis of datafromSmall Arms Survey 2018andSmall ArmsAnalytics2018-2021.

Another fact that might surprise you is that the United States is not the only country where civilian-owned guns are common. According to Small Arms Survey research, there are 85 countries with 10 or more civilian-owned guns per 100 population. The list includes Germany, France, Italy, Belgium, Australia, New Zealand, and many other countries you might not expect. There are almost half a billion civilian-owned guns outside the United States, and while mass public shootings may feel less common in other countries, the list of tragic incidents outside the U.S. is not short.

Map of civilian guns per 100 people by country from theSmall Arms Survey 2017.

Guns are in the Building 

Nearly every privately-owned facility and venue prohibits dangerous weapons, but the inconvenient truth is that many weapons slip through. How do I know this? Because most of our customers tell us that when they start using our Evolv Express® weapons detection screening, they find a shocking number of guns—far more than they expected and more than they ever found using procedures based on old technology such as metal detectors. I know of one facility in the U.S. that found 57 concealed guns in their first hour of testing Evolv Express at a single entrance. And no, it wasn’t a gun show or a law enforcement convention. It was a place where any average American family might find themselves on any given day of the week.  

The stark reality is that old metal detector screening procedures fail to catch a lot of guns. That’s not to say metal detectors don’t work—it’s the combined system of people, process, and technology that fails. Metal detectors alarm on so many harmless objects that security staff divert all bags and pocket contents into slow, error-prone manual searches. Working under the angry stares of hundreds of frustrated visitors, security staff are under incredible pressure to keep things moving. The guns slip through. 

A Fraying Society is a Dangerous Society 

The likelihood of tragic violence increases when more guns are in the hands of people who are unusually anxious or fearful. New gun purchases were up 64% last year in the United States. The CDC says 40% of U.S. adults reported recent battles with mental health or substance abuse during 2020, with the prevalence of anxiety up 3X and depression up 4X year on year. And ongoing political polarization and extremist ideologies are creating an increasingly volatile situation.  

More guns in more anxious hands means more tragic incidents. It’s just math, but that’s the reality of where we are as a society. The U.S. Department of Homeland Security summarized the situation in a 30 June law enforcement bulletin as follows: 

“In recent weeks, domestic violent extremists (DVEs) motivated by various violent ideologies have continued to advocate violence and plan attacks. As of 16 June, racially or ethnically motivated violent extremist-white supremacists (RMVE-WSs) were sharing downloadable links to a publication discussing targeting mass gatherings, critical infrastructure, and law enforcement officers.”

It’s not just a handful of extremists who are changing the threat landscape. While only a tiny minority of gun owners are infected with the extremist ideologies that the DHS is tracking, the fact remains that many of people around us every day are feeling threatened enough to arm themselves. This increases the risk of tragic escalations where misunderstandings and opportunistic conflict can quickly erupt into violence. 

The Duty of Care to Keep People Safe 

The police recently arrested a man who tried to enter a major tourist destination with an unlicensed gun that was detected by Evolv Express. When questioned, the man explained that he felt threatened by recent public protests and felt he needed the gun to protect his family on vacation, and was willing to take the risk of detection. That’s where we are. The strength of the “visible deterrent” factor is fading fast. Facilities and venues need to start reliably detecting and stopping guns, and then let the public know they have this capability. It’s the only way to reclaim the lost ground, and it needs to happen soon. 

If anxious gun owners are trying to slip into major tourist destinations with guns even when they know it is illegal and can clearly see security screening in place, it is safe to assume that they are also entering schools, grocery stores, malls, houses of worship, and other facilities where weapons are also prohibited, but screening is largely absent. The threat is everywhere.  

As noted earlier, our customers tell us they find a surprising number of weapons with Evolv Express. They also tell us they love that they find more guns while allowing harmless visitors to enter ten times faster than their old screening process based on metal detectors and universal bag checks. They tell us they need fewer front-line security staff overall with Evolv Express, and the remaining staff loves the new process. They also tell us they love the operational awareness they get from Express Insights™ analytics. We hear this same story across hundreds of sites as we scan over 11 million individual visitors every month.  

At this point, I believe it has become abundantly clear that Evolv Express has set a new and higher standard for what security screening should be.  I believe every facility and venue owner has a duty of care to carefully consider the new standard that our weapons detection system represents in light of the escalating threats we’re seeing. We are committed to democratizing access to this technology over time so it can be everywhere it needs to be to keep the vulnerable masses safe.  

If you want to be part of raising the standard of safety for millions of people, we’d love to have your support. Here are a few ideas on how you can help. If you are responsible for security at a facility or venue, please get in touch so we can discuss your needs. Consider speaking with the security staff at the places you gather most often and ask them if they have considered weapons detection. If you’ve experienced the speed and precision of Evolv Express in person, help us tell the world about it. And if you are looking to get more directly involved, note that we’re hiring in almost every department. Together we can all do a little to make everywhere safer.  

NewHold Investment Corp. Shareholders Approve Business Combination with Evolv Technology

Waltham, MA & New York, NY – July 15, 2021 – NewHold Investment Corp. (NASDAQ: NHIC, “NewHold”), a publicly traded special purpose acquisition company, announced that its shareholders have approved all proposals related to the previously announced business combination (the “Business Combination”) with Evolv Technologies, Inc. (“Evolv Technology” or “Evolv”) at its Extraordinary General Meeting held today, Thursday, July 15, 2021.

Approximately 89% of the votes cast at the meeting on the Business Combination proposal, representing approximately 69% of NewHold’s outstanding shares, voted to approve the combination with Evolv. NewHold shareholders also voted overwhelmingly to approve the other proposals at the Special Meeting.

The formal results of the vote will be included on a Form 8-K to be filed with the U.S. Securities and Exchange Commission.

The closing of the Business Combination is anticipated to occur on or about Friday July 16, 2021. Following the closing, the combined company will operate as Evolv Technologies Holdings, Inc., and its shares of common stock and warrants are expected to trade on the Nasdaq Stock Market LLC under the symbols “EVLV” and “EVLVW,” respectively beginning on or about Monday, July 19, 2021.

About Evolv Technology

Evolv Technology is the world’s leading provider of AI-based 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-based 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 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 strategic channel 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 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.

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.

IMPORTANT LEGAL INFORMATION

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.

 

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

Today’s Threat Environment: A Conversation with Former Secret Service Director Mark Sullivan

I recently had the privilege of participating in a webinar with Mark J. Sullivan, former Director of the United States Secret Service and a member of the Evolv Board of Directors. 

It’s always enlightening to hear Mark’s views on a range of topics focused on the state of security today and best practices for security professionals. Since he left the Secret Service, he’s worked with a wide range of organizations to help improve their security. Here are some highlights from our conversation. 

Me: What kind of creative approaches have you seen with security professionals in terms of using their budgets most effectively? 

Mark: I see a lot of people conducting threat vulnerability and risk assessments. It comes from having good plans, good policies, and good procedures. As well as having clear lines of communication with leadership—using people, technology, and ultimately using multiple layers of security to come up with the best plan for that organization

Me: As you look out over the threat landscape today, what are you seeing as the threats that should be of particular concern to us all? 

Mark: Automatic weapons, shoulder weapons, assault weapons, vehicle-born improvised explosive devices (VBIEDs), and improvised explosive devices (IEDs). These threats continue to evolve, and the challenge is to anticipate where the threats may come from. We are seeing that the softer targets become attractive to those who are looking to do harm.  

Me: As security professionals think about the softer targets within their venues, and as they think about multiple layers of security, they should think about security protocols and mitigation approaches that might be visible and some that might be less visible. What is your guidance? 

Mark: A lot of it comes down to situational awareness. Is there any type of pre-attack surveillance going on? How do we identify those types of pre-attack behavior? How are human resources used to provide a physical presence? How is access control handled? Are the people coming in, the right people? They also have the challenge of the insider threat. How do you identify those people in the organization that are potentially going to cause harm? 

Me: What is your perspective on the value of deterrence as part of an overall security plan? 

Mark: People are hardening their venues, their buildings, their businesses, and many people are doing it via screening. Over the past 15 years, we have seen that every professional sports league has gone to screening. They’ve been very aggressive with it and very successful keeping threats out. As threats continue to evolve and as firearms continue to be the instrument that people are using, more and more people are looking at that visible and effective system of screening. 

Me: Let’s talk about the threats themselves. In May 2021, we saw 72 active shooter incidents in the U.S. – more than two a day. How should security professionals think about this wide range of threats and identify the ones that might be the most impactful?  

Mark: No one security protocol is going to fit for everybody. Every venue, every business, every organization is going to have to approach it from an individual perspective. A lot of people are coming up with their matrix of what they believe to be their highest threat, what risk those threats present to them, where the gaps are, and what are the best ways to mitigate against that risk and how do you close up the gaps. 

Me: What are some of the best practices you’ve seen? 

Mark: Communication and decision making are both very important. We don’t want bad things to happen, but we know that they are likely going to occur. I think people are putting a lot of time and effort into having well-defined plans to react to a situation. I see more and more people coming up with Security Operations Centers or Joint Operation Centers: One central location as a coordination point for situational awareness is important.  

Me: Let’s talk a little bit about technology. During the pandemic, we’ve seen a change in consumer expectations around touchless technology: Touchless payments, curbside pickup, touchless ticketing, etc. We’ve seen touchless security as an expectation of consumers, whether it’s fans, employees, or kids going back to school. We’ve seen a desire to use modern technology to make things fast and accurate. How have you seen technology, technology screening, and maybe even the Evolv Express® system affect and positively impact security at venues? 

Mark: You want technology that is going to be impactful for the operator. During the pandemic, one of the things with Evolv Express screening is the fact that it is touchless. I think that has been impactful. We’re looking for technology that is going to get the job done efficiently and effectively. The less contact the better. The more you can enhance the patron experience, the client experience, all the better. That is the goal for Evolv. Making their community safer and making it a better experience. And, you don’t want to require the operators to have deep technical skills. You want this technology to be easy to understand, easy to operate, and easy to deal with. 

 

The full webinar is available at Security Magazine

The New Standard: Safety in Motion

What if we lived in a world where we could work, learn and play together without the fear of weapons violence? This is what our founders Mike Ellenbogen, Co-Founder and Head of Technology, and Anil Chitkara, Co-Founder and Head of Corporate Development have set out to do. All of us at Evolv Technology share that same mission; transform security to enhance everyone’s life. This is our duty-of-care and we hold ourselves accountable to it. 

As of today, six months into 2021, there have been 319 mass shootings, compared to 417 in all of 2019 (according to www.gunviolencearchive.org). The old standards for security aren’t keeping up with the security requirements of today. Many institutions that have used metal detectors for security realize they can no longer keep large numbers of people queuing in security lines. Aside from the potential health hazard lines create, this opens up an additional security vulnerability. Venues and enterprises that have never used security screening are now budgeting to keep their visitors safe. Traditional metal detector technology just cannot address the pace of life and the ubiquitous need for security in our daily lives.

We need new standards. We need security that continually improves – touchless, free-flowing, and frictionless technology – supported by a strong concept of operations and enforced by well-trained security personnel. The days of bag checks, wands, and body checks are unacceptable and biased. We must find the weapons, not the metal. Advanced sensors and artificial intelligence are at the forefront of this evolution. This is where we come in.

We are obsessed with our customers’ success and strive to do better and be better for them. That requires authenticity and real products that work. At Evolv we do what we say and say what we do. There is no room for bravado. 

Evolv innovations are fueling the physical security transformation, disrupting the status quo. Evolv Express®, powered by Evolv Cortex AI™, can distinguish between metals that are personal items from weapons used for harm. No longer do visitors, fans, employees, and students need to stand in long lines to slog through metal detectors. They can move at the pace of life through our weapons detection systems, eliminating the potential soft targets long lines create to seamlessly flow through security. Life shouldn’t feel like airport security.

New standards call for a new brand. We’re calling it Safety in Motion. The modernized look is representative of our technological innovations in security screening, using cutting-edge technology for today’s security needs. Moreover, we wanted our new brand to reflect our mission: Transform security to enhance everyone’s life. We think it does, we hope you do too.