Robots To Watch? A Deep Dive Into Knightscope's Reports Of Growth In Autonomous Security In The First Half Of 2022

Rhea-AI Summary

Knightscope, Inc. (NASDAQ: KSCP) reported significant achievements in the first half of 2022, celebrating its ninth anniversary with a surge in contracts and a Nasdaq listing. The company raised over $120 million since inception from over 35,000 investors. A $100 million common stock purchase agreement with B. Riley Principal Capital enhances its funding capabilities. New contracts span across various sectors, including education and residential properties, reflecting strong market demand. Knightscope aims to bolster security measures through expansion and strategic partnerships.

Positive

• Raised over $120 million since inception from 35,000 investors.
• Initiated a $100 million common stock purchase agreement with B. Riley Principal Capital.
• Secured new contracts with educational institutions in Colorado and Florida.
• Expanded into new markets like Washington D.C. and Texas, enhancing security at various properties.
• Formed partnerships with numerous Fortune 500 companies, enhancing credibility.

Negative

• None.

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NEW YORK, June 15, 2022 /PRNewswire/ -- Knightscope, Inc. (NASDAQ: KSCP), a company that develops Autonomous Security Robots (ASRs), has reportedly been making major moves. Looking back at the first six months of 2022, the company says it has plenty to celebrate as it becomes what some call "the go-to in on-premise security."

Within the first week of January, the company states it hit the pavement extra hard, securing new contracts, working through a large backlog of orders – and even kicking off the new year with a listing to the Nasdaq stock exchange. Prior to the listing, Knightscope had secured over $120 million since inception from over 35,000 investors.

Capitalizing On Recent Momentum?

Celebrating its ninth anniversary, Knightscope entered into a $100 million common stock purchase agreement with B. Riley Principal Capital. This commitment provides Knightscope with the right, without obligation, to sell and issue up to $100 million of its Class-A Common Stock within 24 months but is subject to certain limitations. 

Knightscope has also reported beginning to expand its management, engineering and diversity teams with the addition of four new executives and a clearer vision for the future. An award-winning influencer in Corporate Diversity Governance was elected to serve the board, and a former chief contractor for government and U.S. defense agencies was appointed as the new Director for Robotics Engineering.

At the start of the new year, Knightscope announced a collaboration to protect a school district in Colorado – a state still with scars left by the mass shootings of Columbine and Aurora.

The company expressed both excitement and honor in serving this community. "Being able to deliver real-time intelligence to law enforcement during a crisis is paramount to bringing a potentially tragic event to a conclusion faster and safer. Kids are our future, and we will do anything we can to help protect them," the company wrote on its website.

Less than a week later, Knightscope reported a second contract – this time with a private school in Florida, who saw value in tightening the patrol of several parking lots subject to an influx of traffic. As a part of the school's autonomous security program, the robots protect students, businesses and vehicles to deter trespassers who might put students in harm's way.

CREs, Retail And Multi-Family Housing Units

Teaming up with an impact developer whose primary focus is on raising the standard of living for senior and multi-family properties throughout the country, Knightscope was commissioned to protect one of that company's Washington D.C. properties with the expectation of securing multiple properties in the future.

Knightscope also reports expansion in the great state of Texas, and its robots are now:

• Officially on-duty at a luxury waterfront high-rise condominium in Seabrook
• Partnering with a privately held company that owns 25 multi-family properties in Texas' deep south
• Protecting a minority-owned manufacturer of premium quality lubricants in automotive, industrial and drilling
• Managing security for a client with more than 180 different apartment communities and 60,000 homes in five major cities

Additionally, the company says that several leading corporations have spread the word to property managers and developers in the commercial real estate (CRE) and biotech communities. Some have reportedly shown interest in using Knighscope to enhance 24/7 security programs to protect laboratories, restaurants, businesses and entertainment venues.

Knightscope has so far also reported:

• ASRs stand charge over a twin-tower office complex in the heart of Silicon Valley, earning prestige as an added amenity to helipads, EV charging stations and bike lockers near the Mineta San Jose International Airport.
• A 100-year-old, fourth-generation recycling center secures the ever-increasingly valuable metals at the facility.
• In May, the first ASR appeared in Nashville, at a 10-story parking structure.
• In Yonkers, the company joined forces with a local shopping center owner to promote a more enjoyable shopping experience for customers.
• Signed on with several Fortune 500 companies, including a distribution center in Kentucky and a 970,000 sq. ft. food distribution center for an S&P 500 company and a centuries-old consumer foods manufacturer on 19.5 acres of land in San Bernardino County, California.
• The company provides security to a headquartered American clothing and accessories retailer, a $25 billion credit union, a major airport junction and one of the largest providers of electric and gas.
• Teaming up with a hospital security team for one of the largest healthcare organizations in the country to patrol the Sunset Strip in Los Angeles, California. This facility is just one of 40 hospitals and 700 medical facilities across the entire health network. The two entities are working together with the Los Angeles Police Department (LAPD) to keep patients and their families safe during their treatment and recovery.
• Signed contracts with Viva Las Vegas!, a leading U.S. casino operator with gaming facilities at more than three dozen locations across the country.
• Partnered with a Southern California casino, as the result of the ongoing Robot Roadshow, where the company's crime-fighting robots tour several states.
• Landed a contract with a Fortune 1000 chain of hotels and resorts in Seattle.
• Found a new home with a top-choice hotel not far from the Dallas Fort-Worth Airport.
• Forged a strategic technical alliance and partnership between Knightscope and Allied Universal® Technology Services, a division of Allied Universal and Blackstone Inc. (NYSE: BX), has led both companies to fully optimize their security capabilities, and develop better tactics for risk mitigation and create top-notch threat response systems.

For more on the company and all the latest information, check out knightscope.com.

This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.

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SOURCE Benzinga Partner Network

FAQ

What recent achievements has Knightscope (KSCP) reported for 2022?

Knightscope reported significant achievements including securing new contracts, raising over $120 million, and a $100 million stock purchase agreement.

What is the significance of the $100 million agreement for Knightscope (KSCP)?

The $100 million common stock purchase agreement with B. Riley provides Knightscope with enhanced funding capabilities without immediate obligation.

Which sectors is Knightscope (KSCP) expanding into?

Knightscope is expanding into education, residential properties, and commercial real estate, securing contracts in states like Colorado, Florida, and Washington D.C.

How many investors have contributed to Knightscope (KSCP) since inception?

Knightscope has raised over $120 million from more than 35,000 investors since its inception.

What role do Knightscope's robots play in recent contracts?

Knightscope's robots are deployed for security at educational institutions and various properties to enhance safety and deter threats.