Evolve, Backed by Gates, Enters Stock Market Through SPAC

Source: WSJ, EVOLV

[Asia Economy Reporter Yujin Cho] Evolve, an AI-based security company backed by Microsoft (MS) founder Bill Gates and the Bush family, is going public through a merger with a special purpose acquisition company (SPAC).

Headquartered in Boston, Massachusetts, Evolve specializes in security screening systems based on artificial intelligence (AI) and data science. Since the COVID-19 pandemic, demand for screening systems that automatically detect the body temperature of passersby has surged, significantly boosting sales.

According to the Wall Street Journal (WSJ) on the 7th (local time), Evolve is preparing to enter the stock market through a merger with NewHold Investment SPAC. During this SPAC merger process, Evolve was valued at approximately $1.7 billion.

Evolve is a security company that received investments from MS founder Bill Gates and Jeb Bush, former governor of California and brother of former U.S. President George Walker Bush.

Evolve is expected to secure a total of $470 million through the PIPE (private investment in public equity) funding that will take place after the merger and listing.

The Evolve PIPE includes participants such as former NFL quarterback Peyton Manning, former tennis players Andre Agassi and Steffi Graf.

WSJ reported that Evolve has conducted over 50 million screenings in the past four years, ranking it as the second largest globally.

Evolve has supplied security equipment to amusement parks like Six Flags, New York's Lincoln Center, and Gillette Stadium in Massachusetts, home to the professional football team New England Patriots.