(Reuters) – Bill Gates-backed crowd safety technology provider Evolv Technology will be made public through a merger with a blank check company in a deal that values the combined company’s equity at approximately $ 1.7 billion, the companies said Monday.
The deal with NewHold Investment Corp will yield the merged entity in proceeds of $ 470 million, including a $ 300 million private investment.
In addition to Microsoft Corp co-founder Gates, Evolv is also backed by venture capital firm General Catalyst.
The Waltham, Massachusetts-based company uses AI technology and sensors to screen people in public areas, including stadiums, hospitals, schools and entertainment venues, and eliminates security vulnerabilities caused by metal detectors, according to its website.
Reporting by Niket Nishant in Bengaluru; Edited by Vinay Dwivedi