(Reuters) – Evolv Technology-backed supplier Evolv Technology is set to announce a merger with a blank-check company in a deal that values the combined company’s capital at about $ 1.7 billion. the companies said yesterday.
The agreement with NewHold Investment Corp. will provide the merged entity with $ 470 million in returns, 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 firm, uses AI technology and sensors to examine people in public spaces, including stadiums, hospitals, schools and entertainment venues, according to the website of security gaps hosted by metal detectors.
Reporting by Niket Nishant in Bengaluru; Edited by Vinay Dwivedi