Moda Center Adds Evolv Technology Ahead of Busy Concert Stretch and NBA Season

Rhea-AI Summary

The Portland Trail Blazers and Evolv Technology (NASDAQ: EVLV) have partnered to bring Evolv's AI-based screening technology to Moda Center. Five Evolv Express® systems have been installed ahead of the venue's busiest period. This advanced technology aims to streamline the screening process, reducing wait times and enhancing fan experience.

Evolv Express uses AI and advanced sensors to differentiate between potential threats and common metal objects, allowing for a smoother entry process. The Moda Center, with a capacity of about 20,000, joins other NBA arenas in adopting this technology following the league's conditional approval for weapons detection. Evolv Express currently screens over one million people daily across various venues, including sports stadiums, theme parks, and schools.

Positive

• Partnership with NBA team Portland Trail Blazers expands Evolv's presence in major sports venues
• Installation of five Evolv Express systems at Moda Center, a 20,000-capacity arena
• Potential for improved fan experience through faster entry and reduced wait times
• Alignment with NBA's conditional approval of weapons detection technology
• Evolv Express screens over one million people daily across various high-traffic venues

Negative

• None.

Insights

Security Technology Expert

The implementation of Evolv Technology's AI-based screening systems at Moda Center marks a significant advancement in venue security and fan experience. This move aligns with a growing trend in the sports and entertainment industry to enhance safety measures while streamlining the entry process.

The Evolv Express system's ability to differentiate between threats and everyday metal objects is a game-changer. By reducing false alarms and allowing for a more fluid ingress, it addresses two critical pain points in venue management: security efficiency and customer satisfaction. The potential reduction in wait times could lead to increased concession sales and improved overall fan experience, potentially boosting revenue and brand loyalty for the Trail Blazers.

However, it's important to consider the system's accuracy and reliability. While AI-driven security solutions offer promising benefits, they also raise questions about potential biases or false negatives. Venue operators must ensure robust testing and continuous monitoring to maintain the highest security standards.

The adoption of this technology by over 40 teams across major U.S. sports leagues indicates a significant market validation. This could potentially lead to a standardization of AI-based security screening in large venues, creating new opportunities and challenges in the security technology sector.

Sports Business Analyst

The Portland Trail Blazers' partnership with Evolv Technology represents a strategic move in the competitive landscape of sports entertainment. By prioritizing fan experience through improved security measures, the team is addressing a important aspect of game-day operations that directly impacts customer satisfaction and potentially, ticket sales.

This investment comes at a critical time, with the NBA season approaching and a busy concert schedule ahead. The timing suggests a proactive approach to managing large crowds efficiently, which could give Moda Center an edge in attracting high-profile events and maintaining its status as Portland's premier venue.

From a financial perspective, while the initial investment in five Evolv Express systems is likely substantial, the long-term benefits could be significant. Faster entry times can lead to increased early arrivals, potentially boosting pre-game concession and merchandise sales. Additionally, improved security measures may reduce liability risks and insurance costs for the venue.

It's worth noting that this move aligns with a league-wide trend, following the NBA's conditional approval of such technology. This suggests that teams failing to adopt similar measures may find themselves at a competitive disadvantage in terms of fan experience and operational efficiency.

AI and Data Privacy Expert

The deployment of AI-based screening technology at Moda Center raises important considerations regarding data privacy and ethical AI use. While Evolv's system promises enhanced security and efficiency, it's important to examine the data collection and processing practices involved.

Key questions include: What type of data is being collected from fans? How is this data stored, used and protected? Are there clear policies in place for data retention and deletion? These are critical issues in an era of increasing concern over digital privacy and data rights.

Moreover, the use of AI in security screening brings up ethical considerations. There's a need for transparency about the AI's decision-making process and potential biases. Venue operators should be prepared to address concerns about false positives or negatives, especially if they disproportionately affect certain groups.

From an investor perspective, while the technology offers clear operational benefits, it's important to consider potential regulatory risks. As AI in public spaces becomes more prevalent, we may see increased scrutiny and regulation, which could impact the long-term viability and cost-effectiveness of such systems.

Lastly, the scalability of this technology is noteworthy. With Evolv screening over one million people daily, the potential for data aggregation and analysis is immense. This could lead to valuable insights for venue operations and crowd management, but also amplifies the importance of robust data governance practices.

WALTHAM, Mass.--(BUSINESS WIRE)-- The Portland Trail Blazers and Evolv Technology (NASDAQ: EVLV), a leading security technology company pioneering AI-based screening designed to help create safer experiences, today announced a new partnership to bring Evolv Technology to Moda Center.

Moda Center has installed five Evolv Express^® systems ahead of the building’s busiest stretch of the year. The new technology provides an efficient screening process, that can help allow fans to spend less time in line and more time in the arena enjoying the game or their favorite show.

“We are excited to partner with Evolv Technology to add their innovative Evolv Express systems to Moda Center,” said Chris Frey, vice president of safety and security, Portland Trail Blazers and Rose Quarter. “Evolv’s advanced sensor technology can help improve our ingress process, allow fans to spend more time inside Moda Center rather than waiting in line, and support maintaining a safe and secure environment. We are constantly striving to find innovative ways to improve our guest experience, and this partnership is a testament to that commitment.”

Evolv Express uses advanced sensor technology combined with artificial intelligence to differentiate between certain threats and many everyday metal objects people carry in their pockets. Fans can walk through without always stopping to be checked one by one, helping provide a smooth entry experience. The Moda Center, which can seat about 20,000 people, follows other venues such as the Footprint Center, home of the NBA’s Phoenix Suns, and the Toyota Center, home arena of the NBA’s Houston Rockets, in quickly forging a partnership with Evolv following the league’s recent conditional approval of technology for weapons detection.

“Whether it’s the Trail Blazers, NCAA Women’s Basketball Tournament, or concerts, if there’s a big event in Portland, Moda Center is where it’s going to happen,” said John Baier, vice president of sports, for Evolv Technology. “Evolv is proud to partner with Moda Center and be a part of the security solution there, improving the guest experience for many.”

The Trail Blazers become one of more than 40 teams across the five major professional U.S. sports using Express to screen fans. Evolv Express screens more than one million people each day, and two million on weekends across hundreds customers, including sports stadiums, theme parks, performing arts centers, schools, hospitals, casinos, houses of worship, and other venues.

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 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 March 31, 2024 that was filed with the SEC on May 9, 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.

ABOUT THE PORTLAND TRAIL BLAZERS

Members of the National Basketball Association (NBA), the Portland Trail Blazers were founded in 1970 and purchased by the late Paul G. Allen in 1988. The team's rich heritage includes 37 playoff appearances, three trips to the NBA Finals, an NBA championship in 1977 and a commitment to community service and sustainability. The Trail Blazers are dedicated to positively impacting underserved kids and their families throughout Oregon and Southwest Washington where they live, learn and play. Portland is the first and only professional sports franchise to receive the prestigious National Points of Light Award for excellence in corporate and community service. The Trail Blazers home arena, Moda Center, is the first existing arena to earn LEED Platinum Certification in 2019 after receiving LEED Gold Recertification in 2015 and becoming the first existing professional sports venue in the world to receive LEED Gold status in 2010. The team is also one of the founding members of the Green Sports Alliance. For more information, visit trailblazers.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240801042426/en/

Media:

Alexandra Smith Ozerkis

aozerkis@evolvtechnology.com

Investors:

Brian Norris

bnorris@evolvtechnology.com

Source: Evolv Technology

FAQ

What new security technology has been installed at Moda Center for the Portland Trail Blazers?

Moda Center has installed five Evolv Express® systems from Evolv Technology (NASDAQ: EVLV), an AI-based screening technology designed to improve security and reduce wait times for fans entering the arena.

How does Evolv Express technology work at sports venues like Moda Center?

Evolv Express uses advanced sensor technology combined with artificial intelligence to differentiate between potential threats and everyday metal objects. This allows fans to walk through security without always stopping, providing a smoother and faster entry experience.

How many people does Evolv Technology (EVLV) screen daily with its Express system?

Evolv Express screens more than one million people each day, and two million on weekends, across hundreds of customers including sports stadiums, theme parks, and other high-traffic venues.

Which other NBA teams are using Evolv Technology (EVLV) for security screening?

While specific teams aren't all mentioned, the press release states that over 40 teams across the five major professional U.S. sports use Evolv Express. It mentions the Phoenix Suns and Houston Rockets as examples of NBA teams using the technology.