Evolv Technology Unveils High-Speed Weapons Detection System for Bags and Personal Safety App

Rhea-AI Summary

Evolv Technology (NASDAQ: EVLV) has unveiled two new security products: Evolv eXpedite™, an AI-based weapons detection system for bags, and Evolv Eva™, a personal safety app. These offerings will be displayed at the Global Security Exchange (GSX) conference in Orlando, Florida, from September 23-25.

Evolv eXpedite allows guests to enter venues without removing items from their bags, using AI to determine potential threats with a simple 'Red Light/Green Light' system. Evolv Eva provides on-the-go safety features, including automatic check-ins and connection to live safety agents. Both products are designed to integrate with Evolv's existing solutions as part of the Evolv Safer Experience System™, offering a unified security infrastructure for customers.

Positive

• Launch of two new AI-based security products: Evolv eXpedite™ and Evolv Eva™
• Evolv eXpedite eliminates the need for trained operators to detect threats in bags
• Evolv Eva provides 24/7 personal safety features through a mobile app
• Integration of new products with existing solutions in the Evolv Safer Experience System™
• Partnership with over 800 organizations worldwide for weapons detection

Negative

• None.

Market Research Analyst

Evolv Technology's unveiling of new security products demonstrates its commitment to innovation in the physical security sector. The introduction of Evolv eXpedite™ and Evolv Eva™ expands their product portfolio, potentially opening new revenue streams. However, the immediate financial impact is uncertain as these products are not yet widely available.

The company's focus on AI-based solutions and integrated security systems aligns with industry trends towards more efficient and less intrusive security measures. The planned Q4 availability of eXpedite in North America suggests a cautious rollout strategy, which may limit short-term revenue impact but could lead to more stable long-term growth if successful.

While the news is positive for Evolv's product development, investors should note that market adoption and financial performance of these new offerings remain to be seen. The company's ability to execute on its expansion plans and gain market share will be important for future valuation.

Tech Expert

Evolv's new products showcase significant technological advancements in the security industry. The Evolv eXpedite™ system's AI-based approach to bag screening without the need for manual image interpretation is particularly innovative. This could potentially disrupt traditional X-ray screening methods, offering faster throughput and reduced staffing requirements.

The integration of these new products into the Evolv Safer Experience System™ demonstrates a holistic approach to security technology. The system's ability to connect various security layers through a unified platform could provide Evolv with a competitive edge in the market.

However, the effectiveness and reliability of these AI-driven systems in real-world, high-stakes security environments will be crucial. The success of these products will heavily depend on their accuracy rates and ability to minimize false positives, which are not detailed in the announcement.

Evolv to launch new physical and digital security products at Global Security Exchange (GSX) conference

New bag scanner does not require removal of laptops, three-ring binders or other items

WALTHAM, Mass.--(BUSINESS WIRE)-- Evolv Technology (NASDAQ: EVLV), a leading security technology company pioneering AI-based solutions designed to create safer experiences, today announced the launch of two new product offerings to be displayed at the upcoming Global Security Exchange (GSX) conference, September 23-25 in Orlando, Florida. The new products include Evolv eXpedite™, an autonomous AI-based weapons detection system for bags, and Evolv Eva™, a personal safety app. These new offerings, as well as existing products such as Evolv Express® and Evolv Visual Gun Detection™, are designed to be integrated layers for detection as part of a unified Evolv Safer Experience System™. Customers may start with any of the offerings knowing they can easily add layers and capabilities over time for their security operations. Evolv eXpedite will allow guests to enter at the pace of life through Express and have their bags screened simultaneously without having to remove binders, laptops and other items. In the future, Evolv eXpedite will be enhanced to deter certain prohibited items like vapes, with the goal to help organizations enforce policies for a safer, more compliant environment.

Evolv eXpedite™, an autonomous AI-based weapons detection system for bags. (Photo: Business Wire)

The Evolv Safer Experience System™

The Evolv Safer Experience System offers multiple advanced solutions that work together to help deter, detect, and orchestrate response to security threats. Unlike standalone solutions, the Evolv Safer Experience System affords customers the ability to leverage connected solutions for brandished firearm detection, concealed weapons detection, personal safety tools, and/or data analytics into a unified security infrastructure. This approach is intended to remove inefficiencies and burdens that can be caused by disconnected offerings from various vendors.

Evolv's unique "Red Box" visual alert is provided across several Safer Experience System products to help identify the threat location and speed resolution. The Safer Experience System brings together common user interfaces, alerting, applications, data analytics, deployment and support processes aimed to better connect the security environment and operating experiences. The goal of having coordinated layers from one platform is to create a safer, efficient, and welcoming security experience. Evolv’s newest innovations extend the value of flagship product Evolv Express® and build upon recent enhancements such as the Evolv Mobile app, automated analytics reports, and new Portal dashboards.

“At Evolv, our mission is to help create safer experiences where people live, work, learn and play. We believe the next security era will be defined by ‘connected layers’ to address the multi-dimensional nature of threats,” said Peter George, CEO of Evolv Technology. “We have been, and will continue to be, on the cutting edge of innovation with cloud-based software and AI to advance the effectiveness of our products, support our customers growing needs, and solidify our position as a pioneering leader in physical security.”

Introducing Two New Products

• Evolv eXpedite™:
  
  Designed to work in conjunction with Evolv Express, Evolv’s latest AI-based product innovation, Evolv eXpedite, is an autonomous, high throughput threat detection system for bags. eXpedite is designed to eliminate the need for a trained operator to detect potential threats in a cluttered bag environment. Most traditional x-ray machines require an operator to interpret an x-ray image. eXpedite utilizes advanced AI to determine if a bag contains a potential threat. There is no image that needs to be interpreted by a person, as eXpedite provides a simple “Red Light/Green Light” determination of which bag may need to be searched. With high speed and high accuracy detection, eXpedite is designed to maximize throughput of bags scanned while minimizing the number of bags that require hand search. This can help venues to add high-speed bag inspection to accelerate and simplify the visitor experience without needing to add staff with specific x-ray interpretation training or skills.
  
  “We designed eXpedite to create a fast and simple way for venues with high clutter environments to clear bags while keeping up with the speed of people being screened by Express,” said Mike Ellenbogen, co-founder and chief innovation officer of Evolv.
  
  "At SoFi Stadium at Hollywood Park, we are deeply committed to innovation and are always eager to explore any new solutions Evolv introduces that prioritize both security and the visitor/employee experience. We are particularly excited about their advancements in the X-ray space with Evolv eXpedite. We believe this technology has the power to enhance our entry throughput while providing an easy-to-use system that supports our operators effectively,” said Otto Benedict, senior vice president, facility and campus operations at SoFi Stadium and Hollywood Park.
  
  Leveraging Evolv’s AI-based approach with “Red Box” resolution support for operators, eXpedite marks the next step in Evolv’s mission to provide intelligent threat detection solutions that empower security professionals and create safer experiences. Evolv eXpedite is planned for limited availability in North America in Q4.

• Evolv Eva™:
  
  Evolv is also delighted to introduce Evolv Eva, a mobile personal safety app designed to provide on-the-go, 24/7 safety features for people as they live, work, learn and play. Eva offers personal safety resources through on-the-go security tools, such as ‘automatic check-ins’, ‘report an incident’, and ‘connect with a live, trained safety agent.’ This furthers Evolv’s mission to create safer experiences in more places beyond venues. Evolv partners with more than 800 organizations worldwide for weapons detection and Evolv Eva offers customers an additional tool to help keep their employees safer with this companion mobile app. Evolv Eva is planned for general availability in North America in Q4.

“We are committed to driving the physical security industry forward by pioneering connected solutions for our customers and delivering excellence in all we do,” said Jay Muelhoefer, chief commercial officer of Evolv Technology. “Our thoughtful approach to innovative product development is driven by our customers’ needs and feedback. We remain grateful for the deep level of engagement from the security and business leadership community we serve.”

Evolv partners with iconic organizations across the globe, including stadiums, arenas, performing arts centers, theme parks and museums, as well as schools, hospitals, places of worship and cities. Evolv’s technology has been used to screen over one billion people since 2019 and is part of a layered approach to safety for over 800 customers worldwide.

Evolv Technology’s new products, along with flagship product Evolv Express® and Evolv Visual Gun Detection®, will be showcased at GSX 2024 at Booth #2640. For more information, please visit www.evolv.com.

About Evolv Technology

Evolv Technology (NASDAQ: EVLV) is designed to transform 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 screening and analytics. Its mission is to transform security to create a safer world to live, work, learn, and play. Evolv has digitally transformed the gateways in many 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®, Evolv Express®, Evolv Insights®, Evolv Visual Gun Detection™, Evolv eXpedite™, and Evolv Eva™ are registered trademarks or trademarks of Evolv Technologies, Inc. in the United States and other jurisdictions. For more information, visit https://evolv.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, including our Quarterly Report on Form 10-Q for the quarter ended on June 30, 2024 that was filed with the SEC on August 8, 2024. 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/20240917623426/en/

Media Contact:

Alexandra Smith Ozerkis

aozerkis@evolvtechnology.com

Investor Contact:

Brian Norris

bnorris@evolvtechnology.com

Source: Evolv Technology

FAQ

What new products did Evolv Technology (EVLV) announce?

Evolv Technology announced two new products: Evolv eXpedite™, an AI-based weapons detection system for bags, and Evolv Eva™, a personal safety app.

When will Evolv Technology (EVLV) showcase its new products at GSX 2024?

Evolv Technology will showcase its new products at the Global Security Exchange (GSX) conference from September 23-25, 2024, in Orlando, Florida.

How does Evolv eXpedite™ differ from traditional x-ray machines?

Evolv eXpedite™ uses advanced AI to detect potential threats in bags without requiring a trained operator to interpret x-ray images, providing a simple 'Red Light/Green Light' determination.

When will Evolv Technology's (EVLV) new products be available?

Evolv eXpedite™ is planned for availability in North America in Q4, while Evolv Eva™ is planned for general availability in North America in Q4.

How many organizations does Evolv Technology (EVLV) partner with for weapons detection?

Evolv Technology partners with more than 800 organizations worldwide for weapons detection.