U.S. crowd-safety organization Evolv Technology said on Sunday it is consolidating with blank-check firm NewHold Investment Corp to open up to the world in a deal that will esteem it at about $1.7 billion.
Evolv is backed by investors including Microsoft co-founder Bill Gates and venture capital firm General Catalyst.
The deal is relied upon to shut in the second quarter, and the organization hopes to exchange on the Nasdaq under the ticker “EVLV”, as per the Wall Street Journal, which initially announced the news.
Specific purpose obtaining organizations, or SPACs, are shell organizations that raise funds to gain a private company to take it public, permitting such focuses to sidestep a traditional initial public offering to enter public markets.
An expanding number of organizations are converging with a SPAC, as it includes less regulatory scrutiny and more certainty over the market valuation and funds raised.
Evolv utilizes AI technology and sensors to screen people in public spaces, for example, stadiums, hospitals, schools and entertainment venues among others, dispensing with gaps introduced by metal detectors, as per its website.
The organization lists clients including Six Flags Entertainment Corp, New York City’s Metropolitan Museum of Art, and the Lincoln Center.