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

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.

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

 

Participants in the Solicitation

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

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

 

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Contact Info:

Evolv Technology
media@evolvtechnology.com

The Momentum Builds with Record Revenue and Motorola Partnership

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. 

Transforming Human Security and Saving Lives

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

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.

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

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

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

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

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

Evolv Insights Allows Customers to:

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

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

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

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

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

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

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

About Evolv Technology

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

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

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

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

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

Important Information for Investors and Stockholders

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

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

Participants in the Solicitation

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

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

Forward-Looking Statements

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

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

 

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Jennifer Torode
tel:7812545836
jtorode@chenpr.com

 

 

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

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

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

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

The refinery

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

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

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

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

Data and actionable insights to optimize operations

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

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

Security seat at the table and value center

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

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

eBook: Transforming Human Security

Summary

It’s time for people to feel safe again.

Far too often, we hear about a seemingly random active shooter incident, mass shooting or soft target attack. Venues and facilities of all kinds are vulnerable—industrial workplaces, stadiums, shopping malls, airports, office buildings, nightclubs, schools—anywhere people congregate freely.

This unpredictable environment is forcing security directors and facility managers to rethink their security strategies. How do you get started? What are the key considerations you should be thinking about?

This eBook addresses these questions and defines the next generation approach to physical security that effectively balances threat detection with a positive visitor experience— traditionally, two mutually opposing goals.

Fill out the form to download the eBook to learn about transforming physical security screening into human safety by improving the visitor, student and employee experience while continuing to improve security.

In this eBook you will learn about the following:

The limitations of traditional screening technology, and the potential consequences of those limitations.

Key decisions to make when considering new screening technology.

A new approach for keeping people, whether visitors, students or employees, safe.

Whitepaper: 5 Elements You Need to Transform Physical Security

Summary

The world has changed. Unfortunately, it is less safe rather than more so. The worldwide threat of terrorism is higher than ever. Gun ownership in the U.S. continues to rise exponentially. The number of mass killings increases each year. COVID-19 has shown that a potentially lethal disease can spread surreptitiously from person to person wherever people are gathered en masse.

The era of metal detectors for physical security is over.

Instead, security decision-makers need a solution that maximizes safety by detecting threats, (not just metal), improves user experience, and is powerfully simple—leveraging digital technologies to bring physical security into the modern age. Welcome to the most significant breakthrough in physical security in generations.

Download Now

Fill out the form to download this whitepaper to learn about the five elements that are empowering and delivering this next generation of physical security. 

“Safe at Home”, Once Again

By Rick Abraham, Vice President, Technical Sales and Solutions, Evolv Technology with Jeff Cahill, Manager Customer Success, Evolv Technology

One of the most rewarding things about our work at Evolv is that we get to help people do the things they love with a greater sense of safety, security, comfort, and convenience. It’s not just something we sense; it’s something we see and experience. It happens in every customer engagement, yet it particularly hit home for Jeff and me working with our first MLB team.

Jeff and I are big baseball fans. We know that one-of-a-kind feeling of going to the ballpark, seeing that lush green diamond and spending the day cheering or commiserating with family, friends and like-minded strangers who share a common bond. Once you’ve had that experience, it becomes a part of your very essence.

In 2020, fans were deprived of that experience because of COVID-19. It was a tough year for professional baseball, as it was for so many of the simple joys in life that we normally take for granted. The teams played the games, but the fans stayed home. 

As we head into the 2021 season, one of the top priorities for Major League Baseball is to bring fans back to the ballpark. Each team must think about delivering a safe experience for everyone who enters. We are proud to be part of our first Major League Baseball security solution to deliver a safe experience for their fans, and anyone else passing through.

Earning Our Place in the Line Up

We were put to the test, and we passed. We have become embedded with the expert security and operations teams. We always say to our customers: “We are an expert in our technology, you are an expert in your space”.  Nothing could be closer to the truth. 

At Evolv, The Mission is Personal

For Jeff and me, and for all of us at Evolv, there is a personal connection to the work we do. We know we are creating a safer and better environment for people to do the things they enjoy or go back to work with less fear and trepidation following the trauma of COVID.

Jeff says the camaraderie in baseball is akin to what he feels working at Evolv, the spirit of all being in it together and believing we can accomplish great things. As he told me the other day: “I’ve never experienced such dedication and commitment in any job I’ve ever had. I feel like I’ve known the people at Evolv forever.”

For many people, baseball is an important part of forging connections. Fathers and sons, grandfathers and granddaughters, friends and family. And as we talked, we both felt a wave of pride knowing that we, in our own small way, are helping reopen ballparks for our country’s favorite pastime and enabling those connections to continue once again at one of the most celebrated and iconic venues in America. What more could you ask for?

Diving into the Award-Winning Artificial Intelligence Technology Behind Evolv Express®

It’s always nice to see your work recognized, so it was gratifying to me and the entire team here at Evolv Technology to learn we earned an Artificial Intelligence Excellence Award from the Business Intelligence Group. The award is particularly meaningful because it goes to companies that “bring AI to life and apply it to solve real problems.”

That certainly describes Evolv, which uses AI to fundamentally transform human security screening, which until Evolv, has had to rely on a nearly 100-year-old metal detection technology, purpose-built for finding metal as the name implies. And, as we all know, in today’s world, we carry metal every day – our smartphones. So, it’s about time we start differentiating between a metal that is a threat, and a metal that is not.  

Evolv’s use of AI enables our Evolv Express® touchless screening system to screen some 3,600 people per hour, about 10 times the rate of an outdated walk-through metal detector. It does so without requiring most people to slow down, stop, get frisked, or empty their pockets and bags. That’s a particularly important point during the pandemic; this touchless technology allows for social distancing and requires no contact with people or their belongings – attributes a recent Harris Poll found to be important in getting people back to schoolslive event venues, and workplaces

It’s fitting that our award fell under the “automatic target recognition” application category, one of the earliest applications of radar. As radar was upon its debut, I like to think Evolv’s use of AI for screening is a technological leap forward today. 

Screening technology takes a giant leap forward

A traditional metal detector transmits an electromagnetic field that triggers an alarm upon the detection of metal, so it either finds metal or it doesn’t. If it does, you know the drill – it’s off to the guard with the wand, perhaps a pat-down and emptying of your pockets and bags, and likely another pass through the metal detector, back and forth like a yo-yo. It’s a time-consuming and highly physical interaction and I posit; do you really want to find every bit of metal?

Evolv’s technology combines AI technology with sophisticated state-of-the-art sensors which together not only detect metal but can determine the type of metal and shape of the object. That’s important on a couple of fronts. 

By looking at the data from a wide range of firearms, consumer electronics, and other common metal objects, certain consistent patterns emerge in the metals used, their dimensions, etc.  By applying AI technology, these patterns of metal content and shape can help identify what the object is – a cell phone, a set of keys, or the like. By differentiating between benign objects and threats, there’s no need for people to empty their pockets or bags. 

Well-trained AI and state-of-the-art sensors 

A number of technologies come into play to deliver on that kind of accuracy. 

Our AI model has been trained on nearly 50,000 object scans, including multiple types of firearms along with everyday items that people carry in their pockets or bags. 

Equally crucial is our sensor technology. We use transmitters and receivers that operate in the ultra-low frequency radio wave spectrum. That spectrum is able to deliver the best characterization of properties, enabling us to detect those different types of metals. 

And using multiple other sensors to account for distinct environmental conditions, our software can self-calibrate in the measurement results, to maintain high levels of accuracy. 

Unsung hero: data cleaning and pre-processing

One other ingredient in our secret sauce, and a key to what makes the system effective in real-time, is data cleaning and pre-processing. I think of this technology like a goalie in soccer; they tend to get little fanfare or glory (although plenty of blame), but for a team to excel it needs a good goalie. The same goes for AI when it comes to data pre-processing. 

Pre-processing happens on-site as people are coming through the Evolv Express system. We take all the data that’s coming at us, then factor in any interference nearby along with a series of filters that help us isolate the signals we really care about – the objects people are carrying. By the time we hand off data on a given subject to our AI engine, the data is clean, focused, and crunched into a useable format. The end result is an AI that is robust, efficient, and simple, relatively speaking. Of course, operators don’t need to know anything about the technology itself. While Evolv Express may be full of sophisticated technology, it’s simple to use.  

Harnessing the power of AI 

Hopefully, this gives you some sense of the power that AI brings to everyday applications like screening – and how it’s a sea change from the traditional metal detector. While the technology behind Evolv Express was in development well before anyone ever heard of Covid-19, it’s clear it offers an effective solution to keeping people safe from weapons and intruders, and socially distanced and safe from health threats as they return to schools, ticketed venues, and workplaces. 

I’m gratified that the folks at Business Intelligence Group could see the value in Evolv Express and saw fit to recognize us with an Artificial Intelligence Excellence Award.