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NewHold Investment Corp. and Evolv Technology Announce Registration Statement Effectiveness and Scheduled Special Meeting to Approve Business Combination on July 15, 2021

Posted on June 28, 2021July 31, 2024 by admin

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 leader in AI touchless security screening, today announced that NewHold’s registration statement on Form S-4 (File No. 333-255017), relating to the previously announced merger of NewHold and Evolv (the “Business Combination”) has been declared effective by the U.S. Securities and Exchange Commission as of June 25, 2021. NewHold also announced that it will hold the extraordinary general meeting of stockholders (the “Special Meeting”) on July 15, 2021 at 8:00 AM ET to, among other things, allow its stockholders to vote to approve the proposed Business Combination with Evolv. The Special Meeting will be completely virtual and conducted via live webcast please visit nhicspac.com/proxyvote for more information.

Stockholders of record of NewHold common stock as of the close of business on the record date of June 10, 2021 may vote at or before the Special Meeting.

If the proposals at the Special Meeting are approved, the parties anticipate that the Business Combination will close shortly thereafter, subject to the satisfaction or waiver (as applicable) of all other closing conditions. Upon the closing of the Business Combination, the parties expect that the combined company will operate as Evolv Technologies Holdings, Inc., and that the shares of common stock and the warrants of the combined company are expected to be listed on The Nasdaq Stock Market LLC under the symbols “EVLV” and “EVLVW,” respectively.

NewHold stockholders who need assistance voting, have questions regarding the Special Meeting, or would like to request documents may contact NewHold Investment Corp, 52 Vanderbilt Avenue, Suite 2005, New York, New York 10017, by telephone at (212) 653-0153, or by email at info@nhicspac.com., or NewHold’s Proxy Solicitor Morrow Sodali LLC at nhic.info@investor.morrowsodali.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 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.

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 shortly after the second quarter of 2021, subject to satisfaction of customary closing conditions. For more information visit https://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.

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.

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.

No Offer or Solicitation

This press release shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the business combination discussed herein. This press release also shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, or an exemption therefrom.

Important Information for Investors and Stockholders

This document describes 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 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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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

Evolv Technology to Enhance Security at the 121st U.S. Open Championship

Posted on June 17, 2021July 31, 2024 by admin

WALTHAM, Mass. June 17, 2021 — 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 continually improves its customers’ security posture through machine learning and on-demand analytical insights in a way that legacy metal detectors and other analog screening systems cannot provide.

Evolv Express®, will help promote safety by using weapons detection screening at the main entry points without requiring fans to break stride for physical searches as is the case with traditional screening methods. While weapons of any kind have never been allowed at the event, this new system will detect them if they are brought in and guests will be asked to remove them from the property.

Evolv Technology, the leader in touchless security screening, will utilize its artificial intelligence-based touchless system, Evolv Express, to enhance the safety of fans at the upcoming U.S. Open Golf Championship at Torrey Pines Golf Course. This will be the tenth major national sporting event in 2021 that Evolv has supported with its innovative security screening technology.

“The USGA has a track record of innovating to enhance the fan experience without negatively affecting the game, and we’re thrilled to pilot Evolv Express with them to further promote this,” said Peter George, CEO, Evolv Technology. “By proactively addressing the safety of its fans, the USGA will enable them to spend more time along the fairways and in grandstands than in line waiting to enter.”

Evolv Express 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 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 60 million people, second only to the Department of Homeland Security’s Transportation Security Administration in screening people in the U.S.

The new screening system will be in place at the Main Admission Gate of the Championship. Fans will not have to stop or empty their pockets unless directed to do so by security personnel.

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

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.

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.

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Contact Info:

Evolv Technology
media@evolvtechnology.com

The Momentum Builds with Record Revenue and Motorola Partnership

Posted on June 17, 2021July 31, 2024 by admin

As we emerge from the pandemic, public health, safety, and security are driving structural changes to the way we interact with each other and the experience we demand in public environments. Not surprisingly, these structural changes are driving strong secular tailwinds for Evolv.

I see it every day — in our business, in conversations with our customers, and in the types of opportunities we see happening in the field. Venues are looking to reopen safely as pandemic-related restrictions are lifted, which has increased demand in our core industries. In addition, the new post-COVID reality of patrons expecting a frictionless and safe experience is creating pent-up demand in important new markets such as casinos.

Here are two examples: Last week, we announced record revenue and bookings as demand continues to accelerate for our transformative weapons detection screening technology. At the same time, Motorola announced our partnership, incorporating our solutions as a key screening technology for its Concealed Weapon Detection (CWD) video security and analytics portfolio. Let’s talk first about our record quarter.

The numbers are proof of the momentum I was describing earlier. In the first quarter of 2021, revenue was $3.9 million. By comparison, revenue for all of 2020 was $4.8 million. Bookings based on Total Contract Value (TCV) for the first quarter of 2021 were $8.2 million; for all of 2020, TCV Bookings totaled $21.3 million.

We expanded our total head count by 80% in the first quarter of 2021 and increased the sales quota by 25%. We achieved an increase of 177% in security screens over the prior 12-month period.

The numbers are only a part of the momentum story, however. The accelerated rate of reopening across North America (and the new way so many of these venues are reopening) is translating into significant demand. Our technology has proven itself to be transformative time and again in real-world settings for some of the most iconic venues and companies in the world.

Several major market professional sports teams—including members of MLB, MLS and the NFL—are now using Evolv to reopen with a safer, frictionless fan experience. Casinos are installing our solutions at a rapidly growing rate. Interest in Evolv has never been higher. At the same time, our ability to respond to and satisfy this growing demand has never been greater.

Whether Lincoln Center, L.L. Bean, Six Flags or the hundreds of other Evolv customers, the market is now following their lead in making their venues safer places to live, work, and play. And we’re benefitting from that in spades

Coming back to the partnership we announced with Motorola Solutions last week, however, highlights another angle of our momentum, around what I’ve called the digital threshold.

Traditional security products are too slow, costly, and error prone for today’s world. Even the most motivated well-trained guards can only do so much, especially when they are fighting a flood of nuisance alarms from outdated analog technology that can’t tell the difference between a gun and a phone.

Similar to the way in which the cybersecurity industry has adapted to a new era of digital threats, the physical security market is experiencing the same kind of transformation. As I have said before, this digital transformation will not only reduce costs, but also unlock innovations that transform the screening experience. Partnering with Motorola helps us accelerate this transformation.

There are many important aspects to the momentum we are experiencing. It allows us to hire more terrific people, is part of the story we tell as we raise money and approach our public listing, and it enables us to invest in our products and in delighting our customers.

But, perhaps more than anything, the momentum is providing us with a proof statement that we are fulfilling our mission of making the world a safer place to live, work, and play. I can speak for the entire team at Evolv when I say that we all take enormous pride and satisfaction in that.

Evolv Technology Announces Record Q1 Bookings and Revenue

Posted on June 10, 2021July 31, 2024 by admin

WALTHAM, MA – June 10, 2021 – Evolv Technology, the leader in AI touchless security screening, today announced select financial highlights for the First Quarter of 2021, including the highest single quarter Revenue and Total Contract Value (TCV) Bookings numbers in the company’s history. The strong performance was attributed to venues looking to reopen safely amidst a health and safety pandemic, and a more robust expansion into key industries new to security screening.

“Our record Q1 revenue is a testament to how our industry leading weapons detection screening technology is transforming today’s physical security landscape,” said Peter George, Chief Executive Officer of Evolv Technology. “Sales were fueled by continued expansion within our customer base, strong progress in sports and new industry developments in gaming. We look forward to continuing to open up the world’s most iconic venues and leveraging our partners as they magnify Evolv’s presence in the market.”

The Evolv Management team will be hosting a webcast to discuss these results with a recording available beginning Friday, June 11, 2021 at 8 AM ET, and can be accessed by visiting the NewHold Investment Corporation website at www.nhicspac.com/investors.

Financial Highlights:

TCV Bookings for Q1 2021 were $8.2 million, 2020 annual TCV Bookings were $21.3 million

Revenue for Q1 2021 was $3.9 million, 2020 annual revenue was $4.8 million

Quota Carrying Sales Reps/Sales Rep Capacity increased by 25% in Q1 2021

Business Highlights:

Expanded total headcount by 80% in Q1 2021

Several major market professional sports teams including members of the MLB, MLS, and NFL, are now using Evolv to open their gates with a safer, frictionless fan experience

Accelerated expansion of Evolv’s presence in casinos

177% increase in security screens over the prior 12-month period

The Company also recently announced the launch of 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® screening systems throughout their venues and facilities.

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, continuing their pace, improving security at the speed and scale required in today’s world.

Some of 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.

Evolv is on track to complete its previously announced merger with NewHold Investment Corp. (NASDAQ: NHIC) shortly after the second quarter of 2021, subject to satisfaction of customary closing conditions. The transaction, announced in March 2021, would result in Evolv becoming a U.S. publicly listed entity. The combined company is expected to have a post-transaction pro forma total enterprise value of approximately $1.25 billion, total equity value of approximately $1.7 billion and intends to remain listed on the NASDAQ under the ticker symbol “EVLV”. For more information visit www.nhicspac.com.

About Evolv Technology

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.

Forward-Looking Statements

Important Information for Investors and Stockholders

This document describes 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.

Participants in the Solicitation

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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

Motorola Solutions Introduces Concealed Weapon Detection Solution to Alert Security Teams of Hidden Weapons

Posted on June 9, 2021July 31, 2024 by admin

Venues can use the technology to quickly scan entrants and assess for potential weapons and threats

CHICAGO – June 9, 2021 – Motorola Solutions (NYSE: MSI) today announced the newest addition to its video security and analytics portfolio, Concealed Weapon Detection (CWD), through an agreement with Evolv Technologies, Inc. The scanning solution uses advanced sensors and artificial intelligence to detect a wide range of concealed weapons and threats, such as firearms, metallic weapons and improvised explosive devices, on a visitor entering a premises. The introduction of this technology is a part of Motorola Solutions’ ongoing commitment to the innovation and integration of security technologies that help organizations increase safety.

The solution is designed to allow up to 3600 visitors to walk through one of the scanning systems per hour without having to conduct pat downs or empty pockets as the technology can distinguish between personal items and weapons. If a threat is detected, an alert is displayed on an Express tablet showing the location of the potential threat on the person’s body, or in their bag, to security operators. Alerts are sent directly to Motorola Solutions’ video management system, Avigilon Control Center (ACC), which automatically notifies and shares live video with the facility’s security team so they have precise awareness of the situation and can support an immediate response.

“Through the use of AI, we are automating and unifying workflows to better protect people against the threat of violence,” said John Kedzierski, senior vice president, Video Security & Analytics at Motorola Solutions. “Concealed Weapon Detection is an excellent example of how technology can help enterprises prevent threats from turning into tragedies.”

In addition, the sensitivity levels on the CWD solution can be adjusted to align with the safety needs of a facility based on their anticipated threat-scenarios. This capability allows for the technology to identify and flag new threat profiles over time, and enables security personnel to manage data and insights that help to provide a safe and positive experience for visitors and staff.

Motorola Solutions’ CWD is now available in North America. For more information on Motorola Solutions’ integrated technology ecosystem for venues, please contact sales.

About Motorola Solutions
Motorola Solutions is a global leader in mission-critical communications and analytics. Our technologies in land mobile radio mission-critical communications, video security & analytics and command center software, bolstered by managed & support services, make communities safer and help businesses stay productive and secure. At Motorola Solutions, we are ushering in a new era in public safety and security. Learn more at www.motorolasolutions.com.

Media Contact
Elyssa Macfarlane
elyssa.macfarlane@motorolasolutions.com
604 629 5182 ext 2303

MOTOROLA, MOTOROLA SOLUTIONS and the Stylized M Logo are trademarks or registered trademarks of Motorola Trademark Holdings, LLC and are used under license. All other trademarks are the property of their respective owners. ©2021 Motorola Solutions, Inc. All rights reserved.

Evolv Technology Awarded U.S. Air Force Contract

Posted on June 2, 2021July 31, 2024 by admin

Evolv Technology today announced the company has been awarded a contract with the United States Air Force to identify opportunities to bolster national safety interests through the deployment of Evolv’s advanced security screening systems.

Through the contract, Evolv will apply its leadership in using AI, machine learning, advanced sensors, on-demand analytics and related digital technologies for next-generation touchless weapons screening and threat detection. Working with program sponsors, the company will conduct feasibility studies on how the military and other federal government organizations can improve physical security while optimizing operations and reducing costs at military bases, air terminals, air shows, special events and other locations.

Evolv earned the award as part of the company’s participation in the highly competitive Small Business Innovation Research (“SBIR”Small Business Technology Transfer (“STTR”) programs, which are designed to encourage domestic businesses with 500 or fewer employees to engage in Federal Research/Research and Development (R/R&D) that has the potential to develop into products for military or commercial sectors. With the Department of Defense active in both programs, 11 federal agencies are engaged in the SBIR initiative, while five participate in the STTR program. Successful completion of the process entitles companies to sole source contracts, a key benefit to the companies and federal government alike.

AFWERX , a U.S. Air Force program fostering a culture of innovation within the service, facilitates the awarding process. Encompassing multiple programs, including the Air Force commercial investment group, AFVentures, the initiative is intended to circumvent bureaucracy and engage entrepreneurs in Air Force programs.

Evolv is transforming the physical security industry, as the industry’s only AI-enabled touchless screening system in the market. Built on the Evolv Cortex AI™ software platform, Evolv Express® delivers up to a 70% reduction in cost and is ten times faster than traditional metal detectors. The system allows people to pass through screening at the pace of life, without breaking stride. Doing so vastly improves security at the speed, scale and flexibility required in today’s post-pandemic world.

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. 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.

“We’re honored to be collaborating with the U.S. Air Force in its mission to protect our nation,” said Evolv CEO Peter George. “The public sector is a substantial and expanding market, one that’s pursuing the most advanced human security solutions available. By combining our team’s expertise in risk mitigation with innovative threat detection and weapons screening technologies, Evolv’s systems far exceed what’s possible from analog technologies and legacy approaches. We look forward to bringing these benefits to even more federal government customers.”

About Evolv Technology

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 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.

Important Information for Investors and Stockholders

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.

Forward-Looking Statements

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Jennifer Torode
tel: 781-254-5836
jtorode@chenpr.com

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

Posted on April 29, 2021July 31, 2024 by admin

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

Posted on April 27, 2021July 31, 2024 by admin

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

Posted on April 22, 2021July 31, 2024 by admin

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

Posted on April 22, 2021July 31, 2024 by admin

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.