(Reuters) – Bill Gates-backed media security 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 own resources at around $ 1.7 billion , companies said Monday.
The deal with NewHold Investment Corp. will provide the merged entity with $ 470 million in revenue, including a $ 300 million private investment.
In addition to Microsoft Corp. co-founder Gates, Evolv also has the backing of venture capital firm General Catalyst.
The Waltham, Massachusetts-based firm uses artificial intelligence technology and sensors to protect people in public spaces, including stadiums, hospitals, schools and entertainment venues, by eliminating security gaps in metal detectors. according to your website.
Reports from Niket Nishant to Bengaluru; Edition by Vinay Dwivedi