The deal with NewHold Investment Corp will provide the merged entity with $ 470 million in proceeds, including a private investment of $ 300 million.
Reuters
March 08, 2021 / 06:44 PM IST
Microsoft co-founder Bill Gates
Bill Gates-backed crowd safety technology provider Evolv Technology will go public through a merger with a blank-check company in a deal that values the equity of the combined company at around $ 1.7 billion, the companies said on Monday.
The deal with NewHold Investment Corp will provide the merged entity with $ 470 million in proceeds, including a private investment of $ 300 million.
Android or Apple iPhone? Here is what Microsoft co-founder Bill Gates prefers
Besides Microsoft Corp’s co-founder Gates, Evolv is also backed by venture capital firm General Catalyst.
The Waltham, Massachusetts-based firm uses AI technology and sensors to screen people in public spaces including stadiums, hospitals, schools and entertainment venues, eliminating security gaps presented by metal detectors, according to its website.
