Evolv Technology Rejects IPVM’s Deceptive and Dangerous Articles

Rhea-AI Summary

Evolv Technology (NASDAQ: EVLV) addresses concerns regarding IPVM's negative articles in an open letter. The company highlights potential dangers to the public and questions the biased coverage by IPVM.

WALTHAM, Mass.--(BUSINESS WIRE)-- Evolv Technology (NASDAQ: EVLV), the leading security technology company pioneering AI-based weapons detection to create safer experiences, today published this open letter to publication IPVM addressing concerns that IPVM’s continuous stream of articles on the Company is not only deceptive, but could pose a danger to the public.

Since 2021, IPVM has published approximately 100 articles featuring or referencing Evolv, which are almost uniformly negative in tone. During that same timeframe, Evolv has noted that IPVM seems to have focused less on other companies in the weapons detection industry. Evolv has concerns about IPVM’s inaccurate and misleading coverage. Evolv is also concerned about the public safety implications of IPVM’s distorted coverage and release of sensitive security information (SSI), which can potentially provide a roadmap to bad actors on how to circumvent a security system. Evolv’s position is that IPVM is not only biased towards the selective use of misinformation, but also does not reflect subject matter expertise in the physical security industry or advance public safety priorities.

The Evolv standard of excellence is consistently tested through its broad client base and expectations of its Security Advisory Board. The Board includes senior leaders who have served at the highest levels of their profession in national security, law enforcement and the United States military. The Security Advisory Board has carefully examined IPVM statements regarding Evolv Technology systems and concludes that IPVM has consistently misrepresented product effectiveness and is irresponsible in their reporting. Their statement is here.

As the following example demonstrates, history is filled with examples of how bad actors seek out and exploit sensitive information about security systems they must confront.

“We saw this in the real world on Christmas day 2009, when Al-Qaeda sent Umar Farouk Abdulmutallab from Brussels to Detroit with a hidden non-metallic IED. They knew that there was no detection for non-metallic bombs in most airport security protocols, and discovered this vulnerability through online research,” said John Pistole, former United States deputy director of the Federal Bureau of Investigation.

IPVM motives in targeting Evolv are unknown, but clearly not designed to serve public safety. IPVM operates an unregulated fee-based subscription service. The initial focus of the firm was on the well-established video surveillance market. The founder of the firm has publicly stated that he has little concern for certifications as a qualification to opining on the products and markets reviewed by IPVM. More recently, IPVM has partnered with a subscription-based news service (with a documented history of covering short targets) to discuss Evolv.

Evolv has identified instances of IPVM false or misleading reporting:

• On March 5, 2024, IPVM reported that Evolv “supports missing guns” in apparent reference to the security settings of the Evolv Express®. This is objectively false. Nearly all mainstream physical security technology operates within a scale of sensitivity settings, including traditional walkthrough metal detectors. Missing weapons is not the same as selecting a sensitivity setting that is designed to alert on certain weapons (per a venue’s operational standards and security protocols).
• On January 11, 2022, IPVM indicated that Evolv is just a metal detector. This is objectively false. As a general matter, traditional metal detectors are only capable of detecting metal and, unlike the Evolv Express, lack the ability to distinguish personal items that contain metal from a wide variety of weapons, nor can they visually pinpoint on the body where there is a potential threat.
• IPVM has chosen not to report on numerous cases where weapons have passed through security systems manufactured by other companies. However, IPVM has deceptively associated Evolv’s system with weapon violations that law enforcement and customers have said publicly did not pass through Evolv’s system.
• IPVM has publicly called into question the credibility and expertise of industry-acknowledged security experts to advance its own misguided theories, which are at odds with recognized industry best practices.

Key Facts:

• Evolv’s more than 700 customers have access to the details of our systems’ performance capabilities, including what they can and cannot do and their ability to tailor sensitivity settings based on their environment’s unique needs.
• This information is critical for security professionals to make informed operational decisions and is not for public consumption for the reasons stated above.
• Security screening systems, including traditional metal detectors, have sensitivity settings and security professionals, whether responsible for a stadium, airport, courthouse, school or hospital, typically determine how to utilize those settings to achieve the balance of visitor experience with enhanced safety specific to the venue. Sensitivity settings are not unique to Evolv Express.
• Evolv’s customers, which include the world’s leading theme parks, stadiums, arenas and performing arts centers, rely on real-world performance metrics and/or their own testing of Evolv Express, testimonials and research on the system’s effectiveness obtained from other users in their respective industries guide their decisions to buy, deploy and utilize the system as part of their overall security plan.
• Evolv Express is an award-winning technology, most recently honored as the “Best in Sports Technology” and “Best in Fan Experience Technology” by Sports Business Journal.
• Evolv’s Net Promoter Score (NPS), which measures customer loyalty by looking at their likelihood of recommending a given business, has been consistently on average 60+ on a scale of -100 to +100 since the Fall of 2021.

We are pleased that it is our customers who have been and will remain the final arbiters of Evolv’s performance. Those interested in learning more about advanced weapons detection technology are best served by speaking with venue operators who have vetted and used the systems, as well as security professionals who have spent their careers protecting the public, rather than relying on unregulated fee-based subscription service publications with unbalanced reporting, questionable motives, and little qualifications to conduct product reviews.

Evolv has declined to speak with IPVM “reporters” until such time as IPVM begins to practice fair and objective journalism with the same transparency and ethics they demand of their targets. Without this, IPVM will continue to be no better than a tabloid publication.

About Evolv Technology

Evolv Technology (NASDAQ: EVLV) is transforming human security to make a safer, faster, and better experience for the world’s most iconic venues and companies as well as schools, hospitals, and public spaces, using industry leading artificial intelligence (AI)-powered weapons detection and analytics. Its mission is to transform security to create a safer world to work, learn, and play. Evolv has digitally transformed the gateways in places where people gather by enabling seamless integration combined with powerful analytics and insights. Evolv’s advanced systems have scanned more than a billion people since 2019. Evolv has been awarded the U.S. Department of Homeland Security (DHS) SAFETY Act Designation as a Qualified Anti-Terrorism Technology (QATT) as well as the Security Industry Association (SIA) New Products and Solutions (NPS) Award in the Law Enforcement/Public Safety/Guarding Systems category, as well as Sport Business Journal’s (SBJ) awards for “Best In Fan Experience Technology” and “Best In Sports Technology”. Evolv Technology®, Evolv Express®, Evolv Insights®, Evolv Cortex AI®, and Evolv Visual Gun Detection™ are registered trademarks or trademarks of Evolv Technologies, Inc. in the United States and other jurisdictions. For more information, visit https://evolvtechnology.com.

Forward-looking Statements

Certain statements in this press release may constitute “forward-looking” statements and information, within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 that relate to our current expectations and views of future events. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events or our Company’s performance and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the risk factors set forth in our Annual Report on Form 10-K for the year ended on December 31, 2023, that was filed with the SEC on February 29, 2024, as may be updated in other filings we make with the SEC, from time to time. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240311937862/en/

Media:

Alexandra Smith Ozerkis

aozerkis@evolvtechnology.com

Investor:

Brian Norris

bnorris@evolvtechnology.com

Source: Evolv Technology

FAQ

What is the ticker symbol for Evolv Technology?

The ticker symbol for Evolv Technology is EVLV.

Why did Evolv Technology publish an open letter to IPVM?

Evolv Technology published an open letter to IPVM addressing concerns about the continuous negative coverage by IPVM and its potential impact on public safety.

What is the main issue Evolv Technology has with IPVM's articles?

Evolv Technology is concerned about the biased and negative tone of IPVM's articles, which could mislead the public and pose a danger.

How many articles has IPVM published about Evolv Technology?

IPVM has published approximately 100 articles featuring or referencing Evolv Technology since 2021.