Evolv Technology Weapons Detection Patent Underscores Culture of Innovation

Rhea-AI Summary

Evolv Technology (NASDAQ: EVLV) has been awarded a patent for its AI-based weapons detection technology used in Evolv Express®. The patent, titled 'Personnel Inspection with Threat Detection and Discrimination' (U.S. Patent No. 11,568,734), covers the classification of objects as threats or non-threats using RF electromagnetic data. Evolv Express is deployed in over 1,000 venues worldwide and screens more than one million people daily.

The company's growing patent portfolio includes over 30 issued U.S. and foreign patents. Evolv Express, introduced in 2019, uses advanced sensor technology and AI to detect potential threats while minimizing disruptions to traffic flow. The system has received accolades, including the DHS SAFETY Act Designation and awards from Campus Security Today and Sports Business Journal.

Positive

• Awarded patent for AI-based weapons detection technology
• Evolv Express deployed in over 1,000 venues worldwide
• Screens more than 1 million people daily
• Over 30 issued U.S. and foreign patents in portfolio
• Received DHS SAFETY Act Designation and industry awards

Negative

• None.

Insights

Tech Expert

Evolv Technology's new patent for AI-based weapons detection represents a significant leap in physical security technology. The patent, covering object classification using RF electromagnetic data, is crucial for their Evolv Express® system. This innovation allows for faster, less intrusive screening in high-traffic areas, potentially revolutionizing security in public spaces.

The system's ability to distinguish threats from everyday items while people are in motion is particularly noteworthy. This could lead to improved efficiency and user experience in security checkpoints, addressing long-standing issues with traditional metal detectors. The company's growing patent portfolio (over 30 issued patents) suggests a strong commitment to R&D, which could translate to market leadership in the evolving security tech sector.

Market Research Analyst

Evolv's market position appears strong, with over 800 customers globally and 1 million daily screenings. The company's focus on high-traffic venues like stadiums, theme parks and schools indicates a large addressable market. Recognition from the DHS and industry awards enhances credibility, potentially accelerating adoption.

However, investors should note that the security tech market is competitive and rapidly evolving. Evolv's success will depend on continued innovation and effective marketing to maintain its edge. The detection of 500 firearms daily across their customer base demonstrates the system's real-world impact, which could be a strong selling point for potential clients concerned about safety and liability.

Financial Analyst

While the patent news is positive for Evolv's technological moat, investors should focus on how this translates to financial performance. The company's ability to monetize its growing patent portfolio and expand its customer base will be crucial. Evolv's recurring revenue model through system deployments could provide stable cash flows if adoption continues to grow.

However, as a public company (NASDAQ: EVLV), Evolv will need to demonstrate scalable growth and path to profitability. The security tech sector often requires significant upfront R&D investment, which can impact short-term profitability. Investors should monitor customer acquisition costs, retention rates and revenue per customer to gauge the company's financial health and growth trajectory.

The patent recognizes the unique methods Evolv uses to classify objects

WALTHAM, Mass.--(BUSINESS WIRE)-- Evolv Technology (NASDAQ: EVLV), a leading security technology company pioneering AI-based screening to create safer experiences, was awarded a patent issued by the United States Patent and Trademark Office (USPTO) that covers the differentiating technology used in its flagship product, Evolv Express®. Integrated as a concealed weapons detection layer in a venue’s overall safety plan, the Evolv Express weapons detection system, is deployed in over a thousand stadiums, theme parks, schools, hospitals and other public spaces around the world.

Awarded in several other countries in addition to in the U.S., the patent, Personnel Inspection with Threat Detection and Discrimination (U.S. Patent No. 11,568,734), was granted last year and applies to the technology that classifies objects as threats or non-threats using radio frequency (RF) electromagnetic data. The patent builds on the company’s growing patent portfolio related to its threat detection technology both in the U.S. and internationally. The company owns over 30 issued U.S. and foreign patents and has numerous pending or allowed patent applications.

“The technology covered by this patent is foundational to Evolv Express and what we believe sets us apart from other weapons detection systems,” said Michael Ellenbogen, co-founder and chief innovation officer at Evolv Technology. “The patent reminds us how important innovation is to drive advancement in the physical security industry, which, until Evolv Express, had remained relatively unchanged over the past 100 years. We plan to continue creating new solutions for security professionals and venue operators to help them protect places and people.”

Introduced in 2019, Evolv Express uses advanced sensor technology and AI to pinpoint and distinguish a wide variety of potential threats from many common everyday items, such as phones and keys. Evolv Express is designed to screen visitors effectively while helping minimize congestion and disruptions to traffic flow at entry points. When a threat is detected, the connected Evolv tablet displays an image of the individual who alerted and places a "Red Box" on the potential threat’s location(s).

In addition to the patented technology, other notable innovations behind Evolv Express include technology to process RF electromagnetic data across multiple frequencies to detect size, composition, and shape of metal objects while in motion, and technology to process hundreds of thousands of sensor data points for each individual passing through the system.

Ellenbogen continued: “We believe our growing roster of more than 800 customers globally is proof of Evolv’s market leadership and the efficacy of Evolv Express. Our customers’ validation of our technology is a significant achievement and one that I expect will accelerate widespread adoption of a dignified and consistent security screening process.”

Since its debut, Evolv Express has received a number of accolades including the U.S. Department of Homeland Security (DHS) SAFETY Act Designation as a Qualified Anti-Terrorism Technology (QATT). Most recently, it received a Platinum designation in the Screening Equipment category in Campus Security Today’s Secure Campus Awards as well as the winner of the 2024 “Best in Sports Technology” and “Best in Fan Experience Technology” by Sports Business Journal.

Evolv Express screens more than one million people daily, and customers are using the system to tag, on average, more than 500 firearms every day. The company has partnered with leading sports and performing arts venues, theme parks, casinos, schools, hospitals, and places of worship globally.

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. Evolv®, 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, 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/20240813580311/en/

Media:

Alexandra Smith Ozerkis

aozerkis@evolvtechnology.com

Investor:

Brian Norris

bnorris@evolvtechnology.com

Source: Evolv Technology

FAQ

What is the new patent awarded to Evolv Technology (EVLV)?

Evolv Technology (EVLV) was awarded a patent titled 'Personnel Inspection with Threat Detection and Discrimination' (U.S. Patent No. 11,568,734) for its AI-based weapons detection technology used in Evolv Express®.

How many people does Evolv Express (EVLV) screen daily?

Evolv Express (EVLV) screens more than one million people daily across its deployed locations.

What recognition has Evolv Express (EVLV) received?

Evolv Express (EVLV) has received the DHS SAFETY Act Designation as a Qualified Anti-Terrorism Technology, a Platinum designation in Campus Security Today's Secure Campus Awards, and won 'Best in Sports Technology' and 'Best in Fan Experience Technology' by Sports Business Journal.

How many patents does Evolv Technology (EVLV) own?

Evolv Technology (EVLV) owns over 30 issued U.S. and foreign patents and has numerous pending or allowed patent applications.