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Duke AI Security Screening Start-up Goes Public Via SPAC Deal
March 8, 2021
Startup based on Duke security scanning technology will go public in a deal that values the company at about $1.7 billion
Evolv Technology, a Duke start-up founded out of the lab of David Smith, the James B. Duke Professor of Electrical and Computer Engineering Department, will go public in the second quarter of 2021 using a nontraditional method called SPAC, or special purpose acquisition company, in a deal that values Evolv at about $1.7 billion. Backed by investors including Microsoft Corp. co-founder Bill Gates and former Florida Gov. Jeb Bush, the company is transforming the physical security industry as the first AI-enabled touchless security bag screening system in the market. The platform, called The Evolv Express™, requires no stopping, emptying of pockets or removing bags. People simply walk through naturally, alleviating congestion and long lines.